Business
Notice of EGM
Notice of EGM.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n Petra Diamonds Ld\n27 March 2007\n\n\nFor release 27 March 2007\n\n\n Petra Diamonds Limited\n\n Notice of EGM\n\n\nPetra Diamonds Limited ('Petra' or 'the Company'), the AIM-quoted diamond group,\nannounces that on 26 March 2007 it posted to holders of Petra ordinary shares \n('Shareholders') a notice of an Extraordinary General Meeting ('EGM') to be \nheld to consider and vote upon a proposed increase of the Company's authorised \nshare capital.\n\n\nIntroduction\n\nIt is Petra's publicly stated strategy to build a portfolio of producing mines\nwith beneficiation capability, combined with a world class exploration base,\nachieving the objective of becoming a successful mid-tier diamond group. Petra\nis well on the way to achieving this strategy, as supported by the key\nacquisitions and financing transactions concluded over recent months.\n\nIn line with the strategy above, the Company will continue to scrutinise\nacquisitions and business opportunities in the diamond sector that, subject to\nthe Company's demanding review criteria, Petra believes have the potential to\ngrow the Company's production and/or quality exploration asset base.\n\nTaking into account the recent placing of 10 million Petra ordinary shares \n('Shares') with Saad Investments Company Limited at a price of 175 pence per \nShare (as announced on 6 March 2007) and the acquisition of Frannor Investments \nand Finance Limited ('Frannor') from Xceldiam Limited, ('Xceldiam') for a\nconsideration of 19,674,584 Shares (as announced on 1 March 2007 and\nsubsequently approved by the shareholders of Xceldiam on 19 March 2007), the\nCompany will have an issued share capital of 181,173,191 Shares. An application\nfor admission to trading on AIM will be made today in respect of the 19,674,584\nFrannor consideration Shares which are expected to be admitted to trading on AIM\non or around 30 March 2007.\n\nThe Company currently has an authorised share capital of £20,000,000 comprising\n200,000,000 Shares of £0.10 par value each. In light of Petra's stated strategy\nabove, Shareholders' approval is being sought at the EGM to increase the\nCompany's authorised share capital from £20,000,000 to £30,000,000 by the\ncreation of an additional 100,000,000 Shares ('the Resolution'), ranking pari\npassu in all respects with the existing Shares of the Company.\n\nThe Compan...