Petra Diamonds Believes New Chair Appointment "Not Appropriate"

LONDON (Alliance News) - Petra Diamonds Ltd on Wednesday said it considers the appointment of a ...

Alliance News 20 March, 2019 | 8:23AM
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LONDON (Alliance News) - Petra Diamonds Ltd on Wednesday said it considers the appointment of a new chair to "not be appropriate" at this time.

The company said it has been engaging with shareholders after, at the annual general meeting held in November, 22% of them voted against the re-election of Adonis Pouroulis as board chair.

"The board has reaffirmed its assessment that the chair continues to demonstrate the independence of thought and challenge required for his role, notwithstanding the number of years he has served as a director," Petra Diamonds said.

It added: "In order to ensure continuity and stability of leadership and management, the appointment of a new chair is not considered appropriate at this time."

Petra Diamonds has just appointed Richard Duffy as new chief executive with effect from April and Bernard Pryor and Varda Shine recently joined as independent non-executive directors in January.

Petra Diamonds shares were trading up 1.5% at 21.32 pence each.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Petra Diamonds Ltd 8.75 GBX 1.39 -
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