Petra Diamonds Limited Director Share Awards (0610A)
18 Enero 2024 - 1:00AM
UK Regulatory
TIDMPDL
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 3 58,475
------------------ ---------------------------------------------
C hief Financial
Jacques Breytenbach Officer 2 38,986
------------------ ---------------------------------------------
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)
N il 3 58,475
----------
------------------------------------------------ ---------------------------------------------
d. Aggregated information
* Aggregated volume 3 58,475
N il
* Price
------------------------------------------------ ---------------------------------------------
e. Date of the transaction 1 7 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)
N il 2 38,986
----------
------------------------------------------------ ---------------------------------------------
d. Aggregated information
* Aggregated volume 2 38,986
N il
* Price
------------------------------------------------ ---------------------------------------------
e. Date of the transaction 1 7 January 2024
------------------------------------------------ ---------------------------------------------
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 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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