Business
Proposed Refinancing Update
Petra Diamonds entered a binding commitment letter with its Senior Secured Bank Lender on September 29, 2025, reflecting the in-principle agreement terms previously announced. Amendments were made to the Lock-Up Agreement after Noteholders representing over 90% of the outstanding Notes consented, removing the reduction of the Notes to 96% of the existing principal and the Consent Fee. Warrants under the Incentivisation Plan were reallocated, with 12.25 million for management and senior managers and 3.75 million for the Chairman. The company anticipates publishing a prospectus and shareholder circular for the Rights Issue in October 2025, with completion of both the Rights Issue and Refinancing expected in Q4 CY2025. Disclaimer*
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n\n \n \n\n\n\n\n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. THE FOLLOWING ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO THE ORDINARY SHARES EXCEPT ON THE BASIS OF THE INFORMATION IN THE PROSPECTUS WHICH IS PROPOSED TO BE PUBLISHED IN DUE COURSE. FOR IMMEDIATE RELEASE. \t\t\t\t\t\t\t\t\t30 September 2025\t\t\t\t\t\t\t\t\t LSE: PDL\t\t\t\t\t\t Petra Diamonds Limited(\"Petra\", \"PDL\" or the \"Company\" or, in conjunction with its subsidiaries, the \"Group\") Proposed Refinancing Update On 8 August 2025, Petra announced the terms of a proposed refinancing of the Group that had been agreed with certain key financial stakeholders (the \"Refinancing Announcement\"). Further updates on the status of the Refinancing were announced by Petra on 29 August 2025, 11 September 2025 and 25 September 2025. Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Refinancing Announcement. Commitment letter with Senior Secured Bank Lender update On 29 September 2025, the Company entered into a binding commitment letter (the \"Commitment Letter\") with the Senior Secured Bank Lender with the key commercial terms reflecting the in-principle agreement between the Company and the Senior Secured Bank Lender set out in the Refinancing Announcement. Certain customary termination events apply to the Commitment Letter (some of which are automatic and some of which are voluntary and exercisable by different parties), including (but not limited to) automatic termination on the earlier of the date on which the Refinancing becomes effective, the termination of the Lock-Up Agreement and 31 December 2025 (unless otherwise agreed between the Company and the Senior Secured Bank Lender). Petra and the Senior Secured Bank Lender will enter into good faith negotiations to agree the terms of long form documentation to implement the amendments to the Senior Secured Bank Debt, such amendments to reflect t...