25th May 2005 10:18
Petra Diamonds Ld25 May 2005 25th May 2005 Petra Diamonds Limited ("Petra" or "the Company") Proposed merger with Crown Diamonds NL ("Crown") ("the Merger") and admission to trading on the AIM Market of London Stock Exchange plc (" AIM") and to the official list of the Australian Stock Exchange (" ASX") Petra Diamonds Limited (LSE: PDL), the AIM-quoted diamond mining group, ispleased to announce that at the Extraordinary General Meeting held earlier todayall the resolutions to effect the Merger were duly passed. Completion of the Merger remains conditional, inter alia, on the followingprincipal conditions: • there having been, immediately prior to completion of the Merger, nomaterial adverse change in the financial position of Petra or Crown; • approval of the Crown shareholder and loan note holder Schemes ofArrangement by the Supreme Court of Western Australia. The court date toconsider such approval is set for 31 May 2005; and • admission of Petra's share capital to trading on AIM and the officiallist of the ASX, expected to be 17 June 2005. The Merger represents a significant step in Petra's long-term growth strategy ofbecoming a significant player in the diamond industry. On completion of theMerger, Petra will have: • an impressive exploration and asset base, coupled with successfulincome-producing and cash flow positive diamond mines; • a well balanced portfolio of diamond assets in various phases ofdevelopment, ranging from green field exploration to production; • an enhanced geographical spread of diamond assets on the Africancontinent (Angola, South Africa and Sierra Leone); • an experienced management team and workforce; and • a solid business capable of further expansion. Adonis Pouroulis, Chairman of Petra, comments, "We are delighted thatshareholders have voted in favour of the merger with Crown. This is a momentousday for Petra and the merger provides an excellent opportunity to grow thebusiness into a mid tier diamond producer. "We have tremendous respect for the Crown team and we look forward to asparkling future together as an enlarged group with both producing diamond minesand high quality exploration assets." Subject to completion of the Merger, two members of the current Crown board,Johan Dippenaar and James Davidson, will join the Petra board. Johan Dippenaarwill be appointed Chief Executive Officer and James Davidson will be appointedTechnical Director of the Enlarged Group. Kevin Dabinett, currently Petra'sChief Executive Officer, will become Chief Operating Officer of the EnlargedGroup. For further information, please contact: David Abery Cathy Malins/Annabel Leather Petra Diamonds, South African office Parkgreen Communications, London Tel: +27 11 467 6710 Tel: +44 20 7493 3713 Frank H. Moxon Karl Paganin / Michael Soucik Williams de Broe Plc, London Euroz Securities, Perth Tel: +44 20 7588 7511 Tel: +61 8 9488 1430 In South Africa: In Australia: Johan Dippenaar John Baillie CEO and Director Director Crown Diamonds NL Crown Diamonds NL Tel: +27 14544 6116 Tel: +61 8 9381 8888 Fax: +27 14 544 6124 Fax: +61 8 9381 8333 Duncan Gordon Baker Young Stockbrokers Adelaide Tel: +61 882 368 888 Kevin Skinner Field Public Relations Tele: +61 8 8234 9555 Mobile: +61 414 822 631 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Petra Diamonds