REG - Petra Diamonds Ltd - Director Share Awards

Petra DiamondsAnnouncement

18/01/2024 07:00

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RNS Number : 0610A  Petra Diamonds Limited  18 January 2024

 

 

 

 18 January 2024  LSE: PDL

 

Petra Diamonds Limited

(Petra or the Company)

 

Director Share Awards

 

In accordance with and as contemplated by the Directors' Annual Remuneration
Report ("Report") for the year ended 30 June 2023 (as contained in the FY 2023
Annual Report) which was approved by shareholders (by way of advisory vote) at
the Company's Annual General Meeting in November 2023, the Company announces
the grant of performance-based share awards under the Company's 2021
Performance Share Plan ("2021 PSP") over ordinary shares in the Company.

 

These outperformance share awards represent 50% of the Executive Directors'
salaries and allow Executive Directors to earn an increased award for
achieving very stretching share price targets, as outlined in greater detail
on pages 148 and 149 of the Report.  They are in addition to the FY 2024 PSP
'core' awards of 150% of salary ("Core Award"), the granting of which was
announced on 19 October 2023.

 

Note that in order for the outperformance shares to start vesting, absolute
TSR performance must exceed a Compound Annual Growth Rate of 25% over the
three-year performance period.  This involves an approximate doubling of the
share price, using a base share price of 66.9 pence per share.  No
outperformance shares will vest at or below this level, which is the maximum
absolute TSR target for the Core Award.

 

The awards made are as follows, with full vesting of the maximum awards
requiring performance conditions to be met in full:

 

 Director             Position                 FY 2024 PSP outperformance awards(1,2,3,4,5)
 Richard Duffy        Chief Executive          358,475
 Jacques Breytenbach  Chief Financial Officer  238,986

 

Notes:

1.      The 30-day VWAP to 17 October 2023 for these FY 2024 PSP
outperformance awards is 66.9 pence per share.  This is the same VWAP as for
the Core Award.

2.      All awards under the 2021 PSP are granted as conditional awards
over ordinary shares in Petra of 0.05 pence each.

3.      These FY 2024 outperformance awards under the 2021 PSP are subject
to performance conditions that are based solely on achieving 'super stretch'
absolute total shareholder return growth targets over the three year period
(with reference to 30-day VWAP at date of the final award), as outlined on
pages 148 and 149 of the Report.  The same base share price of 66.9 pence per
share used for the Core Award will be used to determine whether these 'super
stretch' absolute total shareholder return growth targets have been met for
these outperformance awards.

4.      No consideration was payable for the grant of these awards.

5.      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  Ordinary shares of 0.05p per share par value

                     of instrument

                     Identification code

                                                                    BMG702782084
 b.                  Nature of the transaction                      Grant of performance based share awards
 c.                  Price(s) and volume(s)

Price(s)  Volume(s)
                                                                    Nil       358,475

 
 d.                  Aggregated information

                     ·      Aggregated volume                       358,475

                     ·      Price                                   Nil

 e.                  Date of the transaction                        17 January 2024
 a.                  Place of the transaction                       London Stock Exchange, Main Market (XLON)

 

d.

Aggregated information

·      Aggregated volume

·      Price

 

 

358,475

Nil

e.

Date of the transaction

17 January 2024

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                                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  Ordinary shares of 0.05p per share par value

     of instrument

     Identification code

                                                    BMG702782084
 b.  Nature of the transaction                      Grant of performance based share awards
 c.  Price(s) and volume(s)

Price(s)  Volume(s)
                                                    Nil       238,986

 
 d.  Aggregated information

     ·      Aggregated volume                       238,986

     ·      Price                                   Nil

 e.  Date of the transaction                        17 January 2024

 

d.

Aggregated information

·      Aggregated volume

·      Price

 

 

238,986

Nil

e.

Date of the transaction

17 January 2024

 

 

 

~ Ends ~

 

 

For further information, please contact:

 

Investor Relations, London             Telephone: +44 20 7494
8203

Patrick
Pittaway
investorrelations@petradiamonds.com
(mailto:investorrelations@petradiamonds.com)

Julia Stone

Kelsey Traynor

 

Financial PR (Camarco)

Gordon
Poole
Telephone: +44 20 3757 4980

Owen
Roberts
petradiamonds@camarco.co.uk (mailto: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 three underground mines in South Africa
(Cullinan Mine, Finsch and Koffiefontein) and one open pit mine in Tanzania
(Williamson).  The Koffiefontein mine is currently on care and maintenance in
preparation for sale or 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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