| Thu 23 Aug 2007, 14:35 | | LON - Lonmin Plc - Notification of PDMRs |
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LON
LOLMI
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 Produced by the JSE SENS Department.
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