| 19 October 2023 | LSE: PDL |
Petra Diamonds Limited
(Petra or the Company)
Director Share Awards
Petra announces that the Executive Directors of the Company have been granted deferred awards over ordinary shares in the Company under the annual performance bonus plan.
The deferred share awards, representing 25% of the total annual performance bonus for the financial year ended 30 June 2023, are as follows:
| Director | Position | Value of deferred bonus | 30-day Volume Weighted Average Price (VWAP)1 | Deferred shares awarded 1,2,3,5,6,7 |
| Richard Duffy | Chief Executive | £94,719 | 66.9p | 141,672 |
| Jacques Breytenbach | Finance Director | £62,575 | 66.9p | 93,594 |
The Company also announces the grant of performance based share awards under the Company's 2021 Performance Share Plan ("2021 PSP") over ordinary shares in the Company.
The awards made are as follows, with full vesting of the maximum award requiring performance conditions to be met in full:
| Director | Position | FY 2024 PSP award1,2,4,5,6,7 |
| Richard Duffy | Chief Executive | 1,075,998 |
| Jacques Breytenbach | Finance Director | 717,340 |
Notes:
1. The 30-day VWAP to 17 October 2023 for deferred share and 2021 PSP awards is 66.9 pence per share.
2. All awards under the annual performance bonus plan and 2021 PSP are granted as conditional awards over ordinary shares in Petra of 0.05 pence each.
3. The awards under the annual performance bonus plan are deferred for two years; these awards may be settled using shares purchased in the market or in cash, at the Company's discretion.
4. The FY 2024 awards under the 2021 PSP are subject to performance conditions based on (i) 15% linked to absolute total shareholder return (with reference to 30-day VWAP at date of final award); (ii) 15% linked to relative total shareholder return; (iii) 30% linked to cashflow generation and resultant net debt profile measured over the three years FY2024 to FY2026; (iv) 25% linked to operational performance and efficiencies; and (v) 15% linked to ESG and sustainability.
5. Further details regarding the share awards are set out within the Directors' Remuneration Report within the Company's 2023 Annual Report.
6. No consideration was payable for the grant of the awards.
7. 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 | ||||
| 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 | Award of deferred shares | ||||
| c. | Price(s) and volume(s) |
| ||||
| d. | Aggregated information · Aggregated volume · Price
|
141,672 Nil | ||||
| e. | Date of the transaction | 18 October 2023 | ||||
| f. | Place of the transaction | London Stock Exchange, Main Market (XLON) | ||||
| 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 | ||||
| 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) |
| ||||
| d. | Aggregated information · Aggregated volume · Price
|
1,075,998 Nil | ||||
| e. | Date of the transaction | 18 October 2023 | ||||
| g. | 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 | Finance Director | ||||
| 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 | Award of deferred shares | ||||
| c. | Price(s) and volume(s) |
| ||||
| d. | Aggregated information · Aggregated volume · Price
|
93,594 Nil | ||||
| e. | Date of the transaction | 18 October 2023 | ||||
| f. | 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 | Finance Director | ||||
| 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) |
| ||||
| d. | Aggregated information · Aggregated volume · Price
|
717,340 Nil | ||||
| e. | Date of the transaction | 18 October 2023 | ||||
~ Ends ~
For further information, please contact:
Investor Relations, London Telephone: +44 20 7494 8203
Patrick Pittaway investorrelations@petradiamonds.com
Julia Stone
Kelsey Traynor
Financial PR (Camarco)
Gordon Poole Telephone: +44 20 3757 4980
Owen Roberts petradiamonds@camarco.co.uk
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 two underground mines in South Africa (Finsch and Cullinan Mine) 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.
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