Strategic Review and Directorate Change
Petra Diamonds Limited has initiated a strategic review, including the consideration of asset sales, to address near-term liquidity needs after consulting with key stakeholders and creditors. Concurrently, José Manuel Vargas has stepped down as Chair, with Lerato Molebatsi assuming the interim Chair role. The company is appointing a financial advisor for the strategic review, and further announcements will be made regarding its outcome.
Select text to share a quote on X · sign in to keep highlights & notes in your PDL notes
| 1 October 2026 | LSE: PDL |
Petra Diamonds Limited
(the "Company")
Strategic Review and Directorate Change
The Board of the Company announces that, following consultation with certain key stakeholders including its first and second lien creditors, it has decided to undertake a strategic review, which will include the consideration of all potential paths to address liquidity needs of the business, in the near term, including but not limited to a potential sales process in relation to the Company's assets (the "Strategic Review").
The Board is finalising the appointment of a financial adviser in connection with the Strategic Review, and further announcements will be made in this regard, as appropriate.
The Board of the Company also announces that with effect from today, José Manuel Vargas has decided to step down as Chair of the Board and as Director of the Company. Lerato Molebatsi will take up the position of Chair of the Board, with effect from today, on an interim basis.
The Board would like to thank José Manuel for his considerable contribution to the Company, notably the successful conclusion of the Company's re-financing in 2025 and the clear direction provided in helping the Company navigate through unprecedented times in the natural diamond sector over the past few years.
There is no certainty as to the outcome of the Strategic Review. The Board will make further announcements in due course.
The person responsible for releasing this announcement is Tumi Dakada, Acting General Counsel and Company Secretary of the Company.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.