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LON - Lonmin Plc - Notification of transactions of directors and persons

Release Date: 03/08/2010 08:30
Code(s): LON
Wrap Text

LON - Lonmin Plc - Notification of transactions of directors and persons discharging managerial responsibilities ("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") Notification of Transactions of Directors and Persons Discharging Managerial Responsibilities ("PDMRs") Pursuant to DTR 3.1.4 R, Lonmin Plc (the "Company") confirms that nil cost awards were made on 2 August 2010, to the Chief Executive Officer and a number of other PDMRs under the Company`s Long Term Incentive Plan (each an "LTIP Award"). The LTIP Award made to Ian Farmer, the Chief Executive Officer is over 51,886 shares and is wholly subject to the satisfaction of a performance condition, described below. Following a consultation exercise with institutional shareholders and their representative bodies, the Company`s Remuneration Committee has approved and implemented a new performance condition, which combines (1) the measurement of sustained and broad-based operational performance over three years and (2) the Company`s Total Shareholder Return over a three year period relative to the median of a group comprising the Company`s five direct peers producing Platinum Group Metals. The operational targets will support the delivery of the company`s medium term targets, as disclosed in the Company`s Annual Report. The methodology of the new performance condition will be explained fully in the remuneration report for the year ended 30 September 2010, expected to be published in early December. LTIP Awards were also made to the following PDMRs: PDMR Role Number of shares Theuns de Bruyn Executive Vice-President Processing 12,704 Albert Jamieson Chief Commercial Officer 13,027 Barnard Mokwena Executive Vice-President Human 10,698 Capital and External Affairs Mark Munroe Executive Vice-President Mining 12,481 Mahomed Seedat Chief Operating Officer 15,715 These LTIP Awards comprise a 50% retention component, the normal vesting of which is not subject to any performance condition other than continued service with the Group for three years, in line with South African practice. The remaining 50% is subject to satisfaction of the same performance condition as described above. 3 August 2010 END Date: 03/08/2010 08:30:01 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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