Business
Director Resignation
Director Resignation.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \n \n \n \n 17 May 2022\n \n \n LSE: PDL\n \n \n \n Petra Diamonds Limited\n (“Petra” or the “Company”)\n Director Resignation\n Petra today announces that Matthew Glowasky has informed the Board that he will stand down as a Non-Executive Director of the Company, with immediate effect.\n Mr Glowasky was appointed as a non-independent, Non-Executive Director of the Company on 10 March 2021, pursuant to a Nomination Agreement between the Company and Monarch Master Funding 2 (Luxembourg) S.a r.l. (“Monarch”) and following the successful completion of the recapitalisation of the Petra Group. \n While Monarch does not currently intend to nominate a director to replace Mr Glowasky, it retains its right to do so under the Nomination Agreement. Further details of the Nomination Agreement are contained in the combined circular and prospectus published by Petra on 22 December 2020.\n Peter Hill, Petra’s Non-Executive Chairman, commented:\n “On behalf of the Board, I would like to thank Matthew for his contribution to Petra during his tenure as a director and wish him every success in his future endeavours.”\n ~ Ends ~\n For further information, please contact:\n \n Petra Diamonds, London Telephone: +44 20 7494 8203\n Jill Sherratt [email protected] \n Patrick Pittaway\n Julia Stone\n About Petra Diamonds Limited\n 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 producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit mine in Tanzania (Williamson).\n 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 of ca. 230 million carats, which supports the potential for long-life operations.\n 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 sus...