Petra Diamonds Ltd.
PDL · Main Market · Basic Resources · mcap £9.2m · 3.1p 4 open situations →
- EV
- £193m
- EV / EBIT
- –
- Net debt
- £222m
- FCF yield
- -415.6%
- Revenue
- £146m
- Share price 1y
- −85%
- Insiders 12m
- no deals
- Next report
- 2 Nov ●
Open · 4
Net debt and facility headroom
Led to Updated business plan execution – Section 189A ongoing; guidance suspendedLed to Finsch financial review – Creditors approved asset-sale plan on 7 Aug
Stress began in Feb 2026. The RCF is fully drawn and net debt was US$322m at 30 June 2026. The Board launched a strategic review of liquidity options on 1 October 2026. On 14 October 2026 the court made a winding-up order against PDUK Treasury, and the Company is assessing the effect on refinancing talks.
- New facility
- R300m (c.US$18m), 18 months to January 2028, margin 750 bps 14 Oct 2026 ↗
- Board observer
- Senior Lender nominates a Board Observer 14 Oct 2026 ↗
- Next milestone
- Non-binding refinancing terms by end October 2026 14 Oct 2026 ↗
- Lender option
- Sales process, CRO and Restructuring Committee if terms not agreed by end October 2026 14 Oct 2026 ↗
- Net debt
- US$322m at 30 June 2026 14 Oct 2026 ↗
- Trigger
- Review covers near-term liquidity needs, incl. potential sales process, announced 1 October 2026 1 Oct 2026 ↗
Next: Non-binding refinancing terms by end October 2026 · 31 Oct 2026
- 14 Oct 2026 Refinancing talks under added pressure from winding-up order
- 2 Oct 2026 Strategic review; refinancing talks continue under added pressure
- 1 Oct 2026 Lender sales-process option now moving via review
- 28 Jul 2026 Lender support secured; refinancing talks pending
HMRC winding-up petition, PDUK Treasury
On 2 October 2026 HMRC advertised a winding-up petition against non-operating subsidiary PDUK Treasury for £5,647,811.32 of corporation tax for the year to 30 June 2025. The tax arose on accrued interest never received from an affiliate. On 14 October 2026 the court made a winding-up order. The Company says mining operations are not directly affected and is assessing the implications for financing.
- Amount at stake
- £5,647,811.32 corporation tax, year ended 30 June 2025 14 Oct 2026 ↗
- Petitioner
- HM Revenue & Customs, advertised in the London Gazette on 2 October 2026 14 Oct 2026 ↗
- Entity
- Petra Diamonds UK Treasury Limited, non-operating wholly owned indirect subsidiary 14 Oct 2026 ↗
- Mining impact
- Company says no direct effect on the Group's mining operations 14 Oct 2026 ↗
- Financing link
- Company assessing implications for financing arrangements and ongoing refinancing discussions 14 Oct 2026 ↗
- Decision
- Court made a winding-up order against PDUK Treasury at the hearing on 14 October 2026 14 Oct 2026 ↗
Next: Company assessment of financing implications; further updates when appropriate
- 14 Oct 2026 Winding-up order made 14 October 2026
- 2 Oct 2026 Petition advertised; hearing scheduled
Strategic review and possible sale
On 1 October 2026 the Board announced a strategic review, after consulting first and second lien creditors, covering all paths to meet near-term liquidity needs, including a potential sale of the Company's assets. A financial adviser is being appointed. The outcome is uncertain.
- Scope
- All potential paths to address near-term liquidity needs, including a potential sales process for the Company's assets 1 Oct 2026 ↗
- Stakeholders
- Board consulted key stakeholders including first and second lien creditors before deciding 1 Oct 2026 ↗
- Adviser
- Financial adviser appointment being finalised; further announcements to follow 1 Oct 2026 ↗
- Outcome
- No certainty as to the outcome of the Strategic Review 1 Oct 2026 ↗
Next: appoint financial adviser; further announcements on review
- 1 Oct 2026 Review launched; adviser being appointed
Finsch financial review
Finsch entered business rescue on 29 May 2026; practitioners were appointed on 10 June 2026 and production was suspended. On 7 August 2026 creditors adopted the practitioners' plan. No viable restart was found, so Finsch's assets will be sold. The secured creditor has given post-commencement funding and ranks first for recoveries. Finsch workers are treated under S189 as claims in the rescue.
- Cash impact
- Finsch retained cash ring-fenced under business rescue 28 Jul 2026 ↗
- Reporting cut-off
- Finsch results included up to 31 May 2026 28 Jul 2026 ↗
- Outcome
- No viable outcome to restart Finsch operations found by the practitioners 7 Aug 2026 ↗
- Plan
- Sell off Finsch assets to recover the maximum value for Finsch's creditors 7 Aug 2026 ↗
- Funding
- Secured creditor provided some post-commencement funding for limited site activity, including asset reclamation 7 Aug 2026 ↗
- Ranking
- Secured creditor's claims, including its PCF, rank highest in distribution of recoveries 7 Aug 2026 ↗
Next: Asset sales and S189 process at Finsch; further updates on material developments
- 7 Aug 2026 Creditors approved asset-sale plan on 7 Aug
- 28 Jul 2026 Rescue ongoing; plan vote extended to August
- 10 Jun 2026 Practitioners appointed; production suspended
- 29 May 2026 Business rescue commenced; practitioner not yet appointed
Closed · 6
Company filings. Not investment advice.