Directors' Dealings - Grant o

RNS Number : 8099O

Petra Diamonds Ld

13 March 2009

 



13 March 2009                                          AIM: PDL

Petra Diamonds Limited

('the Company')

Directors' Dealings - Grant of Share Options

Petra Diamonds Limited announces that following a review of management remuneration arrangements, the Company's Remuneration Committee resolved on 12 March 2009 to grant the following share options over ordinary Petra shares:

Director	Position held within the Company	Number of Shares over which Options granted
Adonis Pouroulis	Chairman	250,000
Johan Dippenaar	Chief Executive Officer	750,000
David Abery	Finance Director	750,000
Jim Davidson	Technical Director	750,000

The exercise price for the above options is the closing mid-market price of Petra's shares on 12 March 2009, the date of grant, being 27.5 pence per share. The options are subject to the satisfaction of appropriate performance conditions.

In addition, the Company's Remuneration Committee also resolved to cancel options granted to the above directors on 2 March 2007 and 7 Dec 2007 over a total of 2,400,000 shares at exercise prices of 156 pence and 125 pence respectively and these options have been cancelled by agreement between the Company and each option holder. The Board and Remuneration Committee decided that these exercise prices provided little incentive to the option holder.

For the same reasons, the Board and the Remuneration Committee have also decided to take similar action with regards to 3,130,000 options granted to other management (not directors) of the Company. 

Following these changes to the remuneration arrangements, the total number of shares under option will be 14,125,334 (representing 7. 67 % of the total issued share capital) of which the number granted to the Directors is 6,500,000 (representing 3.53% of the total issued share capital).

Prior to this management remuneration review, the total number of shares under option was 11,520,334 (6.30% of the total issued share capital) of which the number granted to the Directors was 6,400,000 (3.48% of the total issued share capital).

As part of this management remuneration review, the Remuneration Committee and Board are considering the introduction of a Long term Incentive Plan (LTIP) that would run for a longer period than the share options. The Company will make the appropriate announcement when the terms of the LTIP are finalised.

Ends

For further information, please contact:

Julian Walker	Telephone: [phone]
Hogarth Partnership, London	[e-mail]
Adrian Hadden	Telephone: [phone]
Collins Stewart, London	[e-mail]

 

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