Directorate Change

Petra Diamonds Limited

13 November 2023

 

13 November 2023

LSE: PDL

Petra Diamonds Limited

("Petra" or "the Company")

Directorate Changes

Petra announces that Chairman Peter Hill CBE has notified the Company that he will not offer himself for re-election at the Company's forthcoming Annual General Meeting and will retire from the Board at the conclusion of that meeting.

Peter Hill said:

"It has been an honour and a privilege to be a Director and Chair of Petra over the last almost four years. Petra has an exceptional management team and world-class diamond assets. It has successfully weathered a number of exogenous pressures over the last few years and is very well placed for the future and I feel it is now appropriate for a new Chair to take the Company on to its next phase of development and growth. I wish the Company, the Board and management all the very best for the future."

The Board has appointed Varda Shine, Senior Independent Director, as Chair of Petra with effect from the conclusion of the Annual General Meeting.  Varda will lead a search for a permanent Chair and also become Chair of the Nomination and Investment Committees. Bernard Pryor, Non-Executive Director and Chair of the Health and Safety Committee, will become the Senior Independent Director. Varda will remain as Chair of the Remuneration Committee during this interim period.

Varda Shine, Chair designate of Petra, said:

"I would like to thank Peter for his service to Petra Diamonds as its Chair and look forward to working with my fellow Directors to ensure a smooth transition and continuation of Petra's robust Governance framework until a permanent replacement is sought.

Peter joined the Petra Board in January 2020 and became Chairman at the end of March that year, just as the COVID-19 pandemic was breaking. He helped steer Petra through the pandemic and the Company's successful financial restructuring. He has refreshed the Board and has worked with CEO Richard Duffy and his management team to stabilise the Company.

On behalf of the Board and Petra, we are grateful to Peter for the significant contribution he made during his tenure and wish him every success in his future endeavours."

Varda Shine is the Senior Independent Director of Ecora Resources plc and a Non-Executive Director of Sarine Technologies Limited (Singapore Listed). Varda is also an executive coach (Meryck & Co since 2014) and expert adviser in the diamond industry. A 30-year career with De Beers culminated in her appointment as CEO of De Beers Trading Company (a mid-stream business with a turnover of approximately US$6 billion). Varda was the first woman to be awarded honorary lifetime membership of the Israel Diamond Exchange and in 2011 was inducted into the Women's Jewellery Association Hall of Fame. Varda has also received Honorary Membership of the London Diamond Bourse. In addition to a number of appointments as a Non-Executive Director, Varda has worked extensively as an executive mentor focusing on leaders and business growth and transformation and has previously been a Non-Executive Director at Lonmin plc.

Petra's Annual General Meeting will be held at 9.00 am on 14 November 2023. Resolution 6, being the re-election of Peter Hill, has been withdrawn. When electronic voting closed he had received a majority of votes in favour of his re-election.

For further information, please contact:

Investor Relations, London                  Telephone: [phone]                                        

Patrick Pittaway                                       [e-mail]

Julia Stone

Kelsey Traynor

Financial PR (Camarco)

Gordon Poole                                       Telephone: [phone]

Owen Roberts                                       [e-mail]

Elfie Kent

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 mines in South Africa (Finsch and Cullinan Mine) and one open pit mine in Tanzania (Williamson). The Koffiefontein mine is currently on care and maintenance in preparation for closure.

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.

 

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