Petra Diamonds Limited Update re. Bank Facility Covenants (0014T)
October 09 2017 - 1:00AM
UK Regulatory
TIDMPDL
RNS Number : 0014T
Petra Diamonds Limited
09 October 2017
This announcement contains inside information
9 October 2017
Petra Diamonds Limited
("Petra" or the "Company" or the "Group")
Update re. Bank Facility Covenants
Petra Diamonds Limited disclosed on 18 September 2017 in its
preliminary results announcement for the year ended 30 June 2017
(the "Year") that its compliance with the two EBITDA related
maintenance covenant measurements related to its senior debt
facilities for the period ending, and as at, 31 December 2017
remains sensitive to changes in diamond prices, exchange rates and
expected production from the Group's mines, including total carats
and mix.
Post Year end, compliance has been placed further at risk due to
the labour disruption at three of the Company's South African
operations and the uncertainty around the final volume of sales for
the Williamson mine in Tanzania in H1 FY 2018. Taking these factors
into account, a likely breach of the 31 December 2017 EBITDA
covenant measurement ratios has been flagged to the lender group
and the Company will remain in regular engagement with them on this
matter.
Furthermore, the Company's forecasts indicate that the Group
retains sufficient liquidity from existing cash resources,
operating cashflows and existing facilities to meet its liabilities
as they fall due under the forecasts and reasonably possible
sensitivities.
The Company's 2017 Annual Report and Accounts will be published
on 16 October 2017 and will include a going concern statement to
this effect.
The Company's bank facility covenants are set out at:
https://www.petradiamonds.com/investors/fixed-income-investors/banking-covenants/.
Ends
For further information, please contact:
Petra Diamonds, London Telephone: +44 20 7494 8203
Cathy Malins cathy.malins@petradiamonds.com
Buchanan Telephone: +44 20 7466 5000
(PR Adviser)
Bobby Morse bobbym@buchanan.uk.com
Anna Michniewicz annam@buchanan.uk.com
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and
an increasingly important supplier of rough diamonds to the
international market. The Company has interests in five producing
operations: three underground mines in South Africa (Finsch,
Cullinan and Koffiefontein), the Kimberley Ekapa Mining joint
venture (including the Kimberley Underground mine and extensive
tailings retreatment operations) and one open pit mine in Tanzania
(Williamson). It also maintains an exploration programme in
Botswana and South Africa.
Petra has a core objective to steadily increase annual
production to 5.0 - 5.3 million from FY 2019 onwards. The Group has
a significant resource base in excess of 300 million carats.
Petra conducts all operations according to the highest ethical
standards and will only operate in countries which are members of
the Kimberley Process. Petra is quoted with a premium listing on
the Main Market of the London Stock Exchange under the ticker 'PDL'
and is a constituent of the FTSE4Good Index. For more information,
visit www.petradiamonds.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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