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Petra Diamonds Ltd (PDL.L)

PDL.L on London Stock Exchange

76.00GBp
23 May 2018
Change (% chg)

-3.95 (-4.94%)
Prev Close
79.95
Open
79.45
Day's High
79.60
Day's Low
75.04
Volume
2,421,525
Avg. Vol
2,366,944
52-wk High
140.20
52-wk Low
58.50

Latest Key Developments (Source: Significant Developments)

Petra Diamonds Says Announces Fully Underwritten Rights Issue To Raise $178 Mln
Thursday, 24 May 2018 

May 24 (Reuters) - Petra Diamonds Ltd ::SAYS ANNOUNCES A FULLY UNDERWRITTEN RIGHTS ISSUE TO RAISE GROSS PROCEEDS OF APPROXIMATELY US$178 MILLION.SAYS BOARD PROPOSE TO ISSUE 332.8 MILLION RIGHTS ISSUE SHARES AT AN ISSUE PRICE OF 40 PENCE PER RIGHTS ISSUE SHARE.PETRA DIAMONDS - TARGETING REDUCTION IN GROUP'S LEVERAGE TO 2X OR LESS CONSOLIDATED NET DEBT/CONSOLIDATED EBITDA BY FY2020 END.PETRA DIAMONDS - UP TO US$120 MILLION OF NET PROCEEDS WILL BE USED TO FULLY PAY DOWN OUTSTANDING DRAWN INDEBTEDNESS WITH SOUTH AFRICAN LENDING GROUP.  Full Article

Petra Diamonds Q3 Revenue Rises 44 Percent To $172 Million
Monday, 23 Apr 2018 

April 23 (Reuters) - Petra Diamonds Ltd ::Q3 REVENUE ROSE 44 PERCENT TO 172 MILLION USD.Q3 PRODUCTION 1,194,947 CARATS CARATS VERSUS 999,768 CARATS IN Q3 2017."FUTURE FOCUS OF COMPANY WILL MOVE AWAY FROM VOLUME TARGETS TO VALUE OPTIMISATION"- CEO.Q3 ROM PRODUCTION 981,201 CARATS VERSUS 760,916 CARATS IN Q3 2017.Q3 REVENUE UP 44% TO US$172.0 MILLION FROM 1,373,771 CARATS SOLD (Q3 FY 2017: US$119.1 MILLION FROM 1,069,886 CARATS SOLD).PETRA - REVENUE FOR NINE MONTHS TO 31 MARCH 2018 UP 14% TO US$397.3 MILLION FROM 3,184,924 CARATS SOLD (Q3 FY 2017: US$347.6 MILLION FROM 2,979,999 CARATS SOLD).DIAMOND MARKET REMAINED RELATIVELY STRONG IN Q3, BOOSTED BY CONTINUED FESTIVE RETAIL SELLING SEASON.NET DEBT AS AT 31 MARCH 2018 WAS US$685.9 MILLION (31 DECEMBER 2017: US$644.7 MILLION).  Full Article

Petra Diamonds says Q1 revenue down 17 pct to $78.7 mln
Monday, 23 Oct 2017 

Oct 23 (Reuters) - Petra Diamonds Ltd ::Q1 REVENUE FELL 17 PERCENT TO 78.7 MILLION USD.‍DIAMOND PRICES FOR Q1 ON A LIKE-FOR-LIKE BASIS WERE DOWN CA. 3% IN COMPARISON TO H2 FY 2017​.PETRA DIAMONDS LTD - ‍Q1 PRODUCTION DOWN 4% TO 1,053,817 CARATS (Q1 FY 2017: 1,097,523 CARATS)​.PETRA DIAMONDS - ‍NET DEBT AT 30 SEPTEMBER 2017 OF US$613.8 MILLION (30 JUNE 2017: US$555.3 MILLION).PETRA DIAMONDS LTD - ‍Q1 ROM PRODUCTION INCREASED 17% TO 842,809 CARATS (Q1 FY 2017: 720,475 CARATS)​.PETRA DIAMONDS LTD - ‍Q1 REVENUE DOWN 17% TO US$78.7 MILLION FROM 711,277 CARATS SOLD (Q1 FY 2017: US$94.7 MILLION FROM 745,447 CARATS SOLD)​.PETRA DIAMONDS LTD - ‍DIAMOND PRICES FOR Q1 ON A LIKE-FOR-LIKE BASIS WERE DOWN CA. 3% IN COMPARISON TO H2 FY 2017​.‍GROUP MAINTAINS FULL YEAR PRODUCTION GUIDANCE OF CA. 4.8 TO 5.0 MCTS​.‍"DIAMOND MARKET IS SHOWING SIGNS OF SEASONAL WEAKNESS"​.PETRA DIAMONDS - CULLINAN PLANT NOW FULLY OPERATIONAL, PLANT IS EXPECTED TO ACHIEVE NAMEPLATE CAPACITY OF 6 MTPA DURING H2 FY 2018​.  Full Article

Petra flags likely breach of Dec. 31 EBITDA measurement ratios
Monday, 9 Oct 2017 

Oct 9 (Reuters) - PETRA DIAMONDS LTD ::‍UPDATE REGARDING BANK FACILITY COVENANTS​.‍TWO EBITDA RELATED COVENANT MEASUREMENTS RELATED TO ITS SENIOR DEBT FACILITIES FOR FY SENSITIVE TO CHANGES IN DIAMOND PRICES, EXCHANGE RATES, PRODUCTION.‍POST YEAR END, COMPLIANCE HAS BEEN PLACED FURTHER AT RISK DUE TO LABOUR DISRUPTION AT THREE OF COMPANY'S SOUTH AFRICAN OPERATIONS​.‍LIKELY BREACH OF 31 DECEMBER 2017 EBITDA COVENANT MEASUREMENT RATIOS HAS BEEN FLAGGED TO LENDER GROUP​.‍GROUP RETAINS SUFFICIENT LIQUIDITY FROM EXISTING CASH RESOURCES, OPERATING CASHFLOWS AND EXISTING FACILITIES TO MEET LIABILITIES​.  Full Article

Petra Diamonds says FY net profit after tax down 69 pct to $20.7 mln
Monday, 18 Sep 2017 

Sept 18 (Reuters) - PETRA DIAMONDS LTD ::FY REVENUE ROSE 11 PERCENT TO 477 MILLION USD.FY PRODUCTION UP 8% TO 4.0 MCTS.FY ‍ADJUSTED EBITDA DOWN 4% TO US$157.2 MILLION (FY 2016: US$164.3 MILLION)​.‍FY REVENUE UP 11% TO US$477.0 MILLION (FY 2016: US$430.9 MILLION)​.‍FY NET PROFIT AFTER TAX DOWN 69% TO US$20.7 MILLION (FY 2016: US$66.8 MILLION)​.PETRA WILL NOT DECLARE A DIVIDEND FOR FY 2017.‍REMAINS ON TRACK TO MEET PRODUCTION GUIDANCE OF 4.8 - 5.0 MCTS IN FY 2018 AND 5.0 - 5.3 MCTS BY FY 2019​.OPERATIONS AT WILLIAMSON IN TANZANIA HAVE RESUMED AFTER A FOUR DAY STOPPAGE, BUT COMPANY'S PARCEL OF DIAMONDS HAS NOT BEEN RELEASED FOR EXPORT.DISCUSSIONS WITH TANZANIAN GOVERNMENT ARE ONGOING.‍INCREASING VOLUMES TO BE REALISED AGAINST FIXED COST BASE EXPECTED TO HAVE POSITIVE IMPACT ON CO'S FINANCIAL RESULTS FOR FY 2018 AND BEYOND​.EXPECTS NET DEBT LEVELS TO START FALLING FROM H2 FY 2018, AND FREE CASHFLOW TO BE GENERATED FROM H2 FY 2018 ONWARDS.FINANCIAL RESULTS FOR YEAR NEGATIVELY IMPACTED BY DELAYED RAMP-UP OF EXPANSION PROGRAMMES, RISING ON-MINE CASH COSTS, STRONGER RAND VERSUS DOLLAR FOR YEAR.  Full Article

Petra Diamonds sees FY 2017 production of 4.4-4.6 mcts
Monday, 19 Sep 2016 

Petra Diamonds Ltd : Petra has made a solid start to FY 2017 . FY revenue $430.9 mln . Total dividend $0.03 per share . Capex of $324.1 mln(FY 2015: $274.1 mln), reflecting peak activity around group's expansion programmes . Gross diamond resources (inclusive of reserves) increased 1 pct to 312.2 mcts (June 30 2015: 308.7 mcts) . Barring exclusion of production attributable to Petra's joint venture partner at KEM JV, company maintains its production guidance as published on July 25 2016 . Distribution covenants were not met for measurement period to June 30 2016 and Petra will therefore not declare a dividend for FY 2016 . FY revenue up 1 pct to $430.9 mln(FY 2015: $425.0 mln) . FY adjusted EBITDA up 18 pct to $164.3 mln(FY 2015: $139.3 mln) . FY production up 16 pct to 3.7 mcts (FY 2015: 3.2 mcts), ahead of company guidance . Production expected to rise to 4.4 - 4.6 mcts in FY 2017, before reaching Petra's stated long-term target of ca. 5 mcts in FY 2018, a year earlier than expected .Production attributable to Petra expected to rise further to ca. 5.3 mcts by FY 2019.  Full Article

Petra Diamonds says recovers 138.57 carat diamond at Cullinan
Wednesday, 10 Aug 2016 

Petra Diamonds Ltd : Recovery of a 138.57 carat white diamond at cullinan .Diamond will be offered for sale as part of Petra's next sales process in late august in Johannesburg.  Full Article

Petra Diamonds to release high level guidance for 2019
Monday, 11 Jul 2016 

Petra Diamonds Ltd :Will release high level guidance for period thereafter to end of year to 30 june 2019 ("FY 2019") on same day.  Full Article

Petra Diamonds says entered JV with Ekapa Mining in Kimberley ops
Friday, 8 Jul 2016 

Petra Diamonds Ltd : Announces that Petra and Ekapa Mining have entered into a joint venture agreement . Agreement combines respective operations, owned and operated by joint venture partners in Kimberley area, into an unincorporated joint venture named Kimberley Ekapa Mining joint venture . Effective date of joint venture agreement is July 1 2016 .Effective interests in combined operations are as: Petra Diamonds and its BEE partners - 75.9 pct and Ekapa Mining - 24.1 pct.  Full Article

Petra says 121.26 carat Cullinan diamond sold for $6 mln
Friday, 1 Jul 2016 

Petra Diamonds Ltd : 121.26 carat Cullinan diamond sells for $6.0 mln . Exceptional 121.26 carat white diamond recovered at cullinan mine in South Africa has sold for $6.0 mln .Stone has been bought by a joint venture comprising Nemesis International and Golden Yellow Diamonds.  Full Article

UPDATE 1-Petra Diamonds says it urgently needs to raise $178 mln to cut debt

LONDON, May 24 Mining firm Petra Diamonds said it aims to raise $178 million to help cut its debt burden, and warned it could run low on working capital and breach its debt covenants if shareholders do not back the proposed rights issue.