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LONDON - Petra Diamonds Limited (LSE:PDL) issued a clarification Friday regarding a typographical error in its Annual Report and Accounts for the year ended June 30, 2025.
The diamond mining company said a table in the "Warrant Incentive Plan" section of its proposed new directors’ remuneration policy was incorrectly presented. The report erroneously stated that the plan is subject to a maximum award of up to 200% of salary.
Petra clarified that there is no maximum award linked to salary. Instead, the maximum number of shares for which warrants may be granted under the plan is 16 million, with individual grant maximums for certain executives.
The company specified that up to 3.75 million warrants each may be granted to Joint-Interim Chief Executive Officers Vivek Gadodia and Juan Kemp, as well as to Non-Executive Chair José Manuel Vargas.
According to the corrected information, the warrants will vest over a two-year period in three equal tranches, with one-third vesting at the completion of the FY26 refinancing, and additional thirds vesting on the first and second anniversaries of the refinancing. The warrants will have an exercise price of 35p per share.
The proposed new directors’ remuneration policy will be presented for shareholder approval at Petra’s Special General Meeting scheduled for November 6, 2025.
Petra Diamonds operates two underground mines in South Africa and is listed on the London Stock Exchange.
The clarification was based on a company press release statement.
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