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LON - Lonmin Plc - Notification of PDMRs

Release Date: 23/08/2007 14:35
Code(s): LON
Wrap Text

LON - Lonmin Plc - Notification of PDMRs Lonmin Plc (Incorporated in England and Wales) (Registered in the Republic of South Africa under registration number 1969/000015/10) JSE code:LON Issuer Code:LOLMI & ISIN:GB0031192486 ("Lonmin") 23 August 2007 Lonmin Plc Notification of Transactions of Directors and Persons Discharging Managerial Responsibilities ("PDMRs") Pursuant to DR 3.1.4 R Lonmin Plc (the "Company") confirms that in accordance with the rules of the Long Term Incentive Plan ("LTIP") contained within the Lonmin Plc Shareholder Value Incentive Plan, the Executive Directors and PDMRs listed below were on 22 August 2007 granted LTIP Awards over Ordinary Shares of the Company. Directors No. of shares Brad Mills 24,429 Ian Farmer 9,106 Alan Ferguson 10,857 PDMRs Position No. of shares Rob Bellhouse Company Secretary 3,766 Theuns de Bruyn Executive VP - Process 13,314 Division Albert Jamieson Executive VP - 3,396 Business Development &
Marketing Lee Johnson VP - Human Capital 2,717
Mian Khalil Executive VP - Capital 5,099 Programmes Tshediso Mohase VP - Pandora JV 1,727 Mahomed Seedat* President - Lonmin 4,046 Platinum SA Alex Shorland-Ball VP - Investor 2,738 Relations
Marinda van der Merwe VP - Sustainability 1,560 The LTIP Award will normally vest on the third anniversary of the award date. The proportion of an award that vests will be dependent on satisfaction of a performance condition comprised of two objective tests, assessed independently of each other. One half of the award is based on Relative TSR, comparing the total return accruing to Lonmin shareholders with that of 20 companies selected from the mining and metals sector over a three-year period (assuming dividend reinvestment), with no provision for re-testing. The performance period will be measured from 5 July 2007, being the date on which the Remuneration Committee approved these awards in principle and prior to the date on which the Company issued its trading statement. None of the RTSR-based part of the LTIP Award will vest for performance below the median of the group, the vesting schedule thereafter being as follows: Threshold (median) 20% vesting Target (upper quartile) 70% vesting Stretch (top decile) 100% vesting Between these targets, a straight-line sliding scale operates. The other half of the award is based on EBIT (Earnings Before Interest and Tax) by reference to the Company`s absolute level of audited EBIT for the year ended 30 September 2009. There will be no re-testing and no part of the EBIT-based LTIP Award will vest for performance less than threshold. The vesting schedule thereafter is as follows: Threshold 20% vesting Target pro rata vesting Stretch 100% vesting Between threshold and stretch, a straight-line sliding scale operates. For reasons of commercial sensitivity, the targets are not disclosed, but the Remuneration Committee believes that they should prove stretching, yet realistic. There will be full disclosure of the performance target at the end of the performance period. The Remuneration Committee believes that this combination of measures fully aligns the interests of the executives and senior managers who participate in the Plan with both the strategic objectives of the Company and the interests of its shareholders. * In addition, Mahomed Seedat, was today also granted an Award for 30,000 notional shares under the Stay & Prosper Plan (the "Plan"). The Plan is a cash settled plan. 50% of the award is liked to the same EBIT performance condition as described above and the remaining 50% is subject to continued employment for a period of three years. The retention component of the Plan is designed to retain key managers within the group and therefore is not subject to performance conditions. There are no `good leaver` provisions associated with the Plan. The executive directors of Lonmin Plc are not eligible to participate in the Plan. Date: 23/08/2007 14:35:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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