14 December 2022 |
LSE: PDL |
Petra Diamonds Limited
(Petra or the Company)
Director Share
Awards
Petra announces the grant of performance based share awards
under the Company's 2021 Performance Share Plan ("2021 PSP")
over ordinary shares in the Company.
This award follows the shareholders’ approval of amendments to
the Company’s Directors’ Remuneration Policy and 2021 PSP rules at
the AGM on 16 November 2022 which
enabled an enhanced PSP award to be made for FY 2023 of 300% of
salary for the CEO and 225% of salary for the CFO. This
enhanced award level will apply for FY 2023 only.
The awards made are as follows, with full vesting of the maximum
award requiring performance conditions to be met in full:
Director |
Position |
FY
2023 PSP award |
Richard Duffy |
CEO |
1,236,688 |
Jacques
Breytenbach |
CFO |
618,344 |
Notes:
1. The 30-day VWAP to 16 November 2022 for the FY 2023 PSP awards is
110.8 pence per share.
2. All awards under the 2021 PSP
are granted as conditional awards over ordinary shares in Petra of
0.05 pence each.
3. The FY2023-25 awards under the
2021 PSP are subject to performance conditions based on (i) 30%
linked to absolute and relative total shareholder return; (ii) 30%
linked to operational free cashflow and net debt to EBITDA ratio;
(iii) 25% linked to operational performance and efficiencies; and
(iv) 15% linked to ESG and sustainability measures.
4. Further details regarding the
share awards are set out within the Directors' Remuneration Report
within the Company's 2022 Annual Report.
5. No consideration was payable
for the grant of the awards.
6. The grant of these awards does
not affect Petra's Total Voting Rights.
This announcement is made in accordance with Article 19 of
the EU Market Abuse Regulation.
1. |
Details of the person
discharging managerial responsibilities / person closely
associated |
a. |
Name |
Richard Duffy |
2. |
Reason for the
notification |
a. |
Position/status |
Chief Executive Officer |
b. |
Initial notification/Amendment |
Initial Notification |
3. |
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor |
a. |
Name |
Petra Diamonds Limited |
b. |
LEI |
213800X4QZIAVSA12860 |
4. |
Details of the
transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and
(iv) each place where transactions have been conducted |
a. |
Description of the
Financial instrument, type
of instrument
Identification code |
Ordinary shares of
0.05p per share par value
BMG702782084 |
b. |
Nature of the transaction |
Grant of performance based share
awards |
c. |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
Nil |
1,236,688 |
|
d. |
Aggregated
information
· Aggregated volume
· Price |
1,236,688
Nil |
e. |
Date of the transaction |
13 December 2022 |
a. |
Place of the transaction |
London Stock Exchange, Main Market
(XLON) |
1. |
Details of the person
discharging managerial responsibilities / person closely
associated |
a. |
Name |
Jacques Breytenbach |
2. |
Reason for the
notification |
a. |
Position/status |
Chief Financial Officer |
b. |
Initial notification/Amendment |
Initial Notification |
3. |
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor |
a. |
Name |
Petra Diamonds Limited |
b. |
LEI |
213800X4QZIAVSA12860 |
4. |
Details of the
transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and
(iv) each place where transactions have been conducted |
a. |
Description of the
Financial instrument, type
of instrument
Identification code |
Ordinary shares of
0.05p per share par value
BMG702782084 |
b. |
Nature of the transaction |
Grant of performance based share
awards |
c. |
Price(s) and volume(s) |
Price(s) |
Volume(s) |
Nil |
618,344 |
|
d. |
Aggregated
information
· Aggregated volume
· Price |
618,344
Nil |
e. |
Date of the transaction |
13 December 2022 |
~ Ends ~
For further information, please
contact:
Petra Diamonds,
London
Telephone: +44 20 7494 8203
Patrick Pittaway
Julia Stone
investorrelations@petradiamonds.com
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 (the Finsch, Cullinan and Koffiefontein Mines) 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 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 loan
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.