Business
Scheme Meeting Results
Scheme Meeting Results.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \n FOR IMMEDIATE RELEASE\n \n \n \n 8 January\n 2021\n \n \n LSE: PDL\n \n \n \n Petra Diamonds Limited\n (\"Petra\", \"PDL\" or the \"Company\" or, in conjunction with its subsidiaries, the “Group”)\n Proposed Scheme of Arrangement of Petra Diamonds US$ Treasury Plc\n Scheme Meeting Results\n Approval of the Scheme of Arrangement at the Scheme Meeting\n Further to the announcement issued by the Company on 10 December 2020, a meeting of the holders of the Company's Notes was convened for today (the \"Scheme Meeting\") to vote on the Scheme proposed by Petra Diamonds US$ Treasury Plc in connection with the Restructuring.\n The Company is pleased to announce that the Scheme was approved by the requisite majority of Scheme Creditors at the Scheme Meeting (being a majority in number, representing at least 75 per cent. in value of the Scheme Creditors present and voting).\n There were 194 Scheme Creditors present and voting at the Scheme Meeting (by proxy), together representing US$696,255,102.65 in value of the Notes Debt (being both principal and interest owing) and 98.44 per cent. of the total Scheme Claims. 100 per cent. by number and value of those 194 Scheme Creditors present and voting at the Scheme Meeting voted in favour of the Scheme. Accordingly, the Scheme was approved.\n Successful completion of the Scheme is now conditional upon, among other things, the Scheme being sanctioned by the Court in its discretion at the Scheme Sanction Hearing and the Scheme becoming effective and unconditional in accordance with its terms. As noted in the announcement issued by the Company on 17 November 2020, each of the elements of the Restructuring (of which the Scheme is an integral part) are inter-conditional, meaning that the Scheme will only become effective if each of the other elements of the Restructuring are approved and/or completed.\n The Scheme Sanction Hearing is anticipated to take place on 12 January 2021. Please see the announcement issued by the Company on 4 January 2021 for further information regarding the time and details of the Scheme Sanction Hearing.\n Capitalised terms used but not defined in this announcement have the meaning given to them in the Explanatory Statement.\n ~ Ends ~\n For further information, please contact:\n \n Petra Diamonds, London Telephone: +44 20 7494 8203\n Cathy Malins &n...