Shares in Petra Diamonds, one of SA’s major sources of diamonds, crashed by more than 17% after unveiling a debt restructuring plan with its lenders that could diminish shareholders' ownership in the company to a tiny fraction.

The transaction to save London-listed Petra could result in the existing shareholders’ stake in the miner falling to 9% of the enlarged number of shares in issue as lenders in a debt-for-equity swap take 91% ownership...

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