| Thu 13 Dec 2007, 7:42 | | LON - Lonmin Plc - Director and PDMR shareholdings |
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LON
LOLMI
LON - Lonmin Plc - Director and PDMR shareholdings
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")
12 DECEMBER 2007
DIRECTOR AND PDMR SHAREHOLDINGS
Lonmin Plc (the `Company`) received notice on 11 December
2007 that under the terms of the Company`s Deferred Annual
Bonus Plan (the `Plan`) the trustees of the Company`s
employee benefit trust (the `Trustees`) bought shares in the
Company, as detailed below, on either the London or
Johannesburg Stock Exchanges on behalf of the following
Directors and Persons Discharging Managerial Responsibility
(`PDMRs`).
Under the rules of the Plan, which was approved by
shareholders at the Company`s Annual General Meeting in
January 2007, the Trustees are obliged to make conditional
Matched Awards on a two for one basis in relation to
mandatory deferrals of participants` bonuses and further
Matched Awards on a one for one basis in relation to
voluntary deferrals. Accordingly, on 11 December 2007 the
Trustees granted Matched Awards over shares in the Company
as shown below in the tables:
Director Date of purchase Price Number of Total number of
paid per shares shares comprised
share purchased in Matched
Awards
Brad Mills 5 December 2007 3245p 2,147 5,153
Ian Farmer 5 December 2007 3245p 613 2,076
Alan 5 December 2007 3245p 790 1,783
Ferguson
PDMR Date of purchase Price Number of Number of
paid per shares shares
share purchased comprised in
Matched Awards
Rob 5 December 2007 3245p 253 856
Bellhouse
Alex 5 December 2007 3245p 87 294
Shorland-
Ball
Mian Khalil 5 December 2007 3245p 1,602 3,263
Theuns de 5 & 6 December R447.365 997 2,027
Bruyn 2007 1*
Albert 5 & 6 December R447.365 344 1,146
Jamieson 2007 1*
Marinda van 5 & 6 December R447.365 114 380
der Merve 2007 1*
* Weighted average purchase price
Half of the shares subject to the Matched Award will
normally vest at the end of the performance period, subject
to the participant remaining with the Group. One quarter of
the shares subject to the Matched Award will vest subject to
satisfaction of a Relative Total Shareholder Return
performance condition and a further quarter subject to a
profit target. Invested Shares acquired with the mandatory
bonus deferrals will become forfeitable should the
participant leave during the three year performance period
(save in certain "good leaver" situations).
The RTSR condition compares 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 re-investment), with no provision for re-
testing. None of the RTSR-based part of the Matched Award
will vest for performance below the median of the group, the
vesting schedule thereafter being as follows:
Threshold 20% vesting
Target 70% vesting
Stretch 100% vesting
with straight-line interpolation between (i) Threshold and
Target and (ii) Target and Stretch.
The profit condition is based on EBIT (Earnings Before
Interest and Tax) by reference to the Company`s audited EBIT
performance for the year ended 30 September 2010. There
will be no re-testing and no part of the EBIT-based Matched
Award will vest for performance less than threshold.
Threshold 20% vesting
Target 60% vesting
Stretch 100% vesting
with straight-line interpolation between Threshold and
Stretch.
For reasons of commercial sensitivity, the targets are not
disclosed, but the Remuneration Committee believes that they
should prove stretching, yet realistic. The Remuneration
Committee also 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.
END
Date: 13/12/2007 07:42:13 Produced by the JSE SENS Department.
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