Petra Diamonds Limited has announced the grant of performance-based share awards under the Company's 2021 Performance Share Plan (PSP) to its Executive Directors. These outperformance share awards represent 50% of the Executive Directors' salaries and are in addition to the FY 2024 PSP 'core' awards of 150% of salary. In order for the outperformance shares to start vesting, absolute TSR performance must exceed a Compound Annual Growth Rate of 25% over the three-year performance period. The awards made to the Chief Executive and Chief Financial Officer are detailed in the announcement.
The outperformance awards are subject to performance conditions based solely on achieving 'super stretch' absolute total shareholder return growth targets over the three-year period. The same base share price of 66.9 pence per share used for the Core Award will be used to determine whether these 'super stretch' absolute total shareholder return growth targets have been met for these outperformance awards. No consideration was payable for the grant of these awards, and the grant of these awards does not affect Petra's Total Voting Rights.
The announcement is made in accordance with Article 19 of the EU Market Abuse Regulation. The details of the transaction for the Chief Executive and Chief Financial Officer are also provided in the announcement. The contact information for Investor Relations and Financial PR is included for further inquiries.
Petra Diamonds Limited 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, including the Cullinan Mine, Finsch, and Koffiefont.