Business
Scheme Sanction Hearing Results
Scheme Sanction Hearing Results.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \n FOR IMMEDIATE RELEASE\n \n \n \n 12 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 Scheme of Arrangement of Petra Diamonds US$ Treasury Plc\n Scheme Sanction Hearing Results\n Confirmation of sanction of the Scheme of Arrangement\n Further to the announcement issued by the Company on 8 January 2021, the Company is pleased to announce that the Scheme in connection with the Notes was sanctioned by the High Court of Justice of England and Wales at the Scheme Sanction Hearing which took place before Bacon J at 10.30 a.m. (London time) on 12 January 2021.\n As noted in previous announcements relating to the Restructuring, 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 the Scheme Conditions are approved and/or implemented or waived in accordance with the terms of the Scheme. Therefore, notwithstanding the sanctioning of the Scheme by the Court, the Restructuring Effective Date will only occur if, in particular, (i) Petra's Shareholders approve the issuance of the New Shares, (ii) the United States Bankruptcy Court grants the U.S. Chapter 15 Order, and (iii) regulatory approval from the Financial Surveillance Department of the South African Reserve Bank is obtained.\n The Special General Meeting at which Petra's Shareholders will be asked to approve the issuance of the New Shares is scheduled to take place at 9:30 a.m. (GMT) on 13 January 2021.\n The hearing before the United States Bankruptcy Court at which the Company will seek the Chapter 15 Recognition is scheduled to take place at 2.00 p.m. (New York time) on 14 January 2021.\n Capitalised terms used but not defined in this announcement have the meaning given to them in the Practice Statement Letter.\n ~ Ends ~\n \n \n For further information, please contact:\n \n \n Petra Diamonds, London Telephone: +44 20 7494 8203\nCathy Malins [email protected]\nDes Kilalea\nMarianna Bowes \n \n Rothschild & Co\n \nGiles Douglas [email protected]\nGlen Cronin [email protected]\nMahir Quraishi [email protected]\n \n Luc...