FOR IMMEDIATE RELEASE
10 November
2022 |
LSE: PDL |
Petra Diamonds Limited
(“Petra”) or the (“Company”)
Shareholder
Consultations on Enhanced PSP Award
Ahead of Petra’s Annual General Meeting for the year ended
30 June 2022 which is to be held at
9am GMT on 16
November 2022 (AGM), Petra announces that it has
completed consultations with its largest shareholders in relation
to the making of a proposed enhanced Performance Share Plan
(PSP) award to its Executive Directors for FY 2023
only.
As set out in the Directors’ Remuneration Report that was
published as part of the Company’s FY 2022 Annual Report, it is
proposed that the enhanced PSP award be 300% of salary for the CEO
and 225% of salary for the CFO. This enhanced award level
will apply for FY 2023 only and compares to PSP awards last year
that were 150% of salary for both the CEO and CFO, out of a maximum
of 200% that is permitted under the Directors’ Remuneration
Policy. The Board considers these enhanced award levels to be
appropriate to retain Petra’s high-calibre Executive Directors, to
recognise their exceptional performance and to align them with
delivering Petra’s long-term strategic ambitions and in the
interests of Petra’s shareholders and wider stakeholders.
The making of such enhanced PSP award requires an amendment to
Petra’s Directors’ Remuneration Policy and PSP rules to be approved
by shareholders at the AGM, as set out in resolution 4 of the
Notice of AGM that was published on 11
October 2022.
Shareholders representing two-thirds of the issued share capital
of the Company were consulted and Petra is pleased to confirm that
there has been overwhelming support from shareholders indicating
their intention to vote in favour of these amendments.
For further information, please
contact:
Petra Diamonds,
London
Telephone: +44 20 7494 8203
Patrick
Pittaway
investorrelations@petradiamonds.com
Julia Stone
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and
a supplier of gem quality rough diamonds to the international
market. The Company’s portfolio incorporates interests in three
underground producing mines in South
Africa (Finsch, Cullinan Mine and Koffiefontein) and one
open pit mine in Tanzania
(Williamson).
Petra's strategy is to focus on value rather than volume
production by optimising recoveries from its high-quality asset
base in order to maximise their efficiency and profitability. The
Group has a significant resource base of 226.6 million carats,
which supports the potential for long-life operations.
Petra strives to conduct all operations according to the highest
ethical standards and only operates in countries which are members
of the Kimberley Process. The Company aims to generate tangible
value for each of its stakeholders, thereby contributing to the
socio-economic development of its host countries and supporting
long-term sustainable operations to the benefit of its employees,
partners and communities.
Petra is quoted with a premium listing on the Main Market of the
London Stock Exchange under the ticker 'PDL'. The Company’s notes
due in 2026 are listed on the Irish Stock Exchange and admitted to
trading on the Global Exchange Market. For more information, visit
www.petradiamonds.com.