Petra to defer results two months to November owing to Covid-19, strategic review

PETRA Diamonds has delayed the publication of its annual results ended June 30 to November 17 to allow it contend with the challenges posted by the Covid-19 disease and so it can provide a fuller account of its strategic review, currently underway.

The postponement of the results is in terms of the UK Financial Conduct Authority’s temporary relief in terms of the Covid-19 crisis which allows companies an additional two months to publish audited statements.

Petra also said its annual general meeting (AGM) would be deferred to a new date, expected to be December 17. The AGM was likely to be a virtual one owing to social distancing required to combat Covid-19, it said.

Petra said in June it would seek offers for the company after concluding a strategic review aimed at finding ways to repay $650m in debt. An option would be to sell certain assets in the group which largely consist of South African mines bought over the years from De Beers, including the famed Cullinan mine.

The London-listed company said on it had “… decided to seek offers for the company, or for parts of the business or assts of the Petra Diamonds group”. The strategic review was conducted with Rothschild & Co, a bank.

In late May, Petra had taken steps to secure its immediate liquidity concerns. These included delaying payment of interest to holders on some $650m in bonds, and agreement with South African banks that it draw on R400m of a R1bn revolving credit facility. As of March 31, net debt increased to $601m from $596.4m on December 31.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here