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PETRA Diamonds’ shares were suspended in London on Monday after the company failed to publish its annual financial report by the October 31 deadline.
The Financial Conduct Authority suspended Petra’s listing from 07:30 UK time, while trading in its shares on the London Stock Exchange’s Main Market was also halted, the company said.
Petra's audit for the year ended June was still in progress and it was working with its auditors to publish the results “as soon as practicable”.
The company intends to apply for its listing and trading to resume once the report has been published, although it cautioned that restoration would not be automatic and there was no certainty over the timing.
The suspension comes as Petra grapples with a strained balance sheet and a broader review of its business.
At the end of June, net debt stood at $322m, up from $298m three months earlier. The company subsequently launched a strategic review that could result in asset sales, including potentially its flagship Cullinan mine near Pretoria.
Petra has said the review will consider “all potential paths” to address its liquidity needs. Its financial pressure has been compounded by weak natural diamond markets, particularly for smaller stones, as well as a stronger rand.
In October, a UK court also ordered the winding up of a non-operating Petra treasury subsidiary over an unpaid £5.65m corporation tax bill. Petra said at the time that the action did not directly affect its mining operations, but it was assessing the implications for its financing arrangements.