Petra receives valid acceptances for 94.97% of rights issue shares

Petra Diamonds has received valid acceptances in respect of 316.92-million shares, representing about 94.97% of the rights issue shares offered in a five to eight rights issue announced in May.

Further, subscribers have been procured for 16.7-million rights issue shares, for which valid acceptances were not received, and which represents about 5.03% of the rights issue shares, at a price of 56.25p per rights issue share.

The subscribers were procured through the miner’s joint bookrunners and underwriters, which comprise RBC Capital Markets, Barclays Bank and BMO Capital Markets.

The net proceeds from the placing of such rights issue shares, after the deduction of the issue price of 40p per rights issue share and the expenses of the rights issue, will be paid, without interest, to those persons whose rights have lapsed in accordance with the terms of the rights issue, pro rata, to their lapsed provisional allotments.

Individual amounts of less than £5 will not be paid to such persons but will be paid to the company instead.