Petra Diamonds Limited Directorate Change (2772T)
November 13 2023 - 8:45AM
UK Regulatory
TIDMPDL
RNS Number : 2772T
Petra Diamonds Limited
13 November 2023
13 November 2023 LSE: PDL
Petra Diamonds Limited
("Petra" or "the Company")
Directorate Changes
Petra announces that Chairman Peter Hill CBE has notified the
Company that he will not offer himself for re-election at the
Company's forthcoming Annual General Meeting and will retire from
the Board at the conclusion of that meeting.
Peter Hill said:
"It has been an honour and a privilege to be a Director and
Chair of Petra over the last almost four years. Petra has an
exceptional management team and world-class diamond assets. It has
successfully weathered a number of exogenous pressures over the
last few years and is very well placed for the future and I feel it
is now appropriate for a new Chair to take the Company on to its
next phase of development and growth. I wish the Company, the Board
and management all the very best for the future."
The Board has appointed Varda Shine, Senior Independent
Director, as Chair of Petra with effect from the conclusion of the
Annual General Meeting. Varda will lead a search for a permanent
Chair and also become Chair of the Nomination and Investment
Committees. Bernard Pryor, Non-Executive Director and Chair of the
Health and Safety Committee, will become the Senior Independent
Director. Varda will remain as Chair of the Remuneration Committee
during this interim period.
Varda Shine, Chair designate of Petra, said:
"I would like to thank Peter for his service to Petra Diamonds
as its Chair and look forward to working with my fellow Directors
to ensure a smooth transition and continuation of Petra's robust
Governance framework until a permanent replacement is sought.
Peter joined the Petra Board in January 2020 and became Chairman
at the end of March that year, just as the COVID-19 pandemic was
breaking. He helped steer Petra through the pandemic and the
Company's successful financial restructuring. He has refreshed the
Board and has worked with CEO Richard Duffy and his management team
to stabilise the Company.
On behalf of the Board and Petra, we are grateful to Peter for
the significant contribution he made during his tenure and wish him
every success in his future endeavours."
Varda Shine is the Senior Independent Director of Ecora
Resources plc and a Non-Executive Director of Sarine Technologies
Limited (Singapore Listed). Varda is also an executive coach
(Meryck & Co since 2014) and expert adviser in the diamond
industry. A 30-year career with De Beers culminated in her
appointment as CEO of De Beers Trading Company (a mid-stream
business with a turnover of approximately US$6 billion). Varda was
the first woman to be awarded honorary lifetime membership of the
Israel Diamond Exchange and in 2011 was inducted into the Women's
Jewellery Association Hall of Fame. Varda has also received
Honorary Membership of the London Diamond Bourse. In addition to a
number of appointments as a Non-Executive Director, Varda has
worked extensively as an executive mentor focusing on leaders and
business growth and transformation and has previously been a
Non-Executive Director at Lonmin plc.
Petra's Annual General Meeting will be held at 9.00 am on 14
November 2023. Resolution 6, being the re-election of Peter Hill,
has been withdrawn. When electronic voting closed he had received a
majority of votes in favour of his re-election.
For further information, please contact:
Investor Relations, London Telephone: +44 20 7494 8203
Patrick Pittaway investorrelations@petradiamonds.com
Julia Stone
Kelsey Traynor
Financial PR (Camarco)
Gordon Poole Telephone: +44 20 3757 4980
Owen Roberts petradiamonds@camarco.co.uk
Elfie Kent
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and
a supplier of gem quality rough diamonds to the international
market. The Company's portfolio incorporates interests in three
underground mines in South Africa (Finsch and Cullinan Mine) and
one open pit mine in Tanzania (Williamson). The Koffiefontein mine
is currently on care and maintenance in preparation for
closure.
Petra's strategy is to focus on value rather than volume
production by optimising recoveries from its high-quality asset
base in order to maximise their efficiency and profitability. The
Group has a significant resource base which supports the potential
for long-life operations.
Petra strives to conduct all operations according to the highest
ethical standards and only operates in countries which are members
of the Kimberley Process. The Company aims to generate tangible
value for each of its stakeholders, thereby contributing to the
socio-economic development of its host countries and supporting
long-term sustainable operations to the benefit of its employees,
partners and communities.
Petra is quoted with a premium listing on the Main Market of the
London Stock Exchange under the ticker 'PDL'. The Company's loan
notes due in 2026 are listed on the Irish Stock Exchange and
admitted to trading on the Global Exchange Market. For more
information, visit www.petradiamonds.com.
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