Petra Diamonds Limited has announced that its Executive Directors have been granted deferred share awards and performance-based share awards. The deferred share awards represent 25% of the total annual performance bonus for the financial year ended June 30, 2023. Richard Duffy, Chief Executive, has been granted deferred shares worth £94,719, while Jacques Breytenbach, Finance Director, has been granted deferred shares worth £62,575. These awards are granted as conditional awards over ordinary shares in Petra.
The performance-based share awards have been granted under the Company's 2021 Performance Share Plan. The awards are subject to performance conditions, with full vesting of the maximum award requiring the conditions to be met in full. Richard Duffy has been granted performance-based share awards worth 1,075,998, and Jacques Breytenbach has been granted awards worth 717,340.
The deferred share awards are deferred for two years and can be settled using shares purchased in the market or in cash, at the Company's discretion. The performance conditions for the FY 2024 awards under the 2021 PSP include absolute total shareholder return, relative total shareholder return, cashflow generation, operational performance and efficiencies, and ESG and sustainability.
Further details regarding the share awards can be found in the Directors' Remuneration Report within the Company's 2023 Annual Report. The grant of these awards does not affect Petra's Total Voting Rights.
The transactions were conducted on October 18, 2023, on the London Stock Exchange, Main Market (XLON). The price for the transactions was nil, and the volume of shares awarded to each Director is specified in the announcement.
This announcement is made in accordance with Article 19 of the EU Market Abuse Regulation.