May 1, 2020 / 6:47 AM / a month ago

BRIEF-Petra Diamonds Says FY 2020 Production Guidance Of 3.8 Mln Carats Remains Suspended

May 1 (Reuters) - Petra Diamonds Ltd:

* FY 2020 PRODUCTION GUIDANCE OF 3.8 MILLION CARATS REMAINS SUSPENDED

* CO HAS SUFFICIENT CASH AVAILABLE TO MAKE INTEREST PAYMENT ON NOTES THAT IS DUE FRIDAY

* WOULD PREFER TO PRESERVE LIQUIDITY FOR BUSINESS IN SHORT TERM

* AGREED THAT OVER APRIL TO JUNE 2020, SALARIES OF CO’S CHIEF EXECUTIVE AND FINANCE DIRECTOR WILL BE REDUCED BY ONE THIRD

* SALARIES OF CO’S NON-EXECUTIVE DIRECTORS AND OTHER MEMBERS OF EXECUTIVE COMMITTEE WILL BE REDUCED BY 25%

* DECIDED NOT TO MAKE INTEREST PAYMENT DUE ON NOTES TODAY AND INSTEAD TO UTILISE 30-DAY GRACE PERIOD

* IN TALKS WITH SOUTH AFRICAN LENDER GROUP& ADVISERS TO AD-HOC GROUP OF BONDHOLDERS, WHO REPRESENT OVER 50% CO’S $650 MILLION NOTES BY VALUE Source text for Eikon: Further company coverage:

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