| Tue 2 Dec 2008, 17:17 | | LON - Lonmin Plc - Notification of Directors` and PDMRs` shareholdings pursuant |
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LON
LOLMI
LON - Lonmin Plc - Notification of Directors` and PDMRs` shareholdings pursuant
to Disclosure and Transparency Rule 3.1
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")
2 DECEMBER 2008
Notification of Directors` and PDMRs` shareholdings pursuant to Disclosure and
Transparency Rule 3.1
The Company has today received notification from the trustee of the Lonmin
Employee Share Trust (the "Trustee"), on behalf of the Trustee, Directors and
PDMRs listed below, that pursuant to the Deferred Annual Bonus Plan (the "Plan")
the Trustee purchased shares as detailed below. In accordance with the rules of
the Plan, the Trustee has also today granted conditional Matched Awards on a one
for one basis (after tax) in relation to the deferrals of participants` bonuses:
Director Date of Price paid Number of Number of
purchase per share shares shares
(pence) of purchased comprised
shares in Matched
purchased Award
in London granted 2
December
2008
Ian Farmer 28 880.00 4,746 8,871
November
2008
Alan 28 880.00 8,125 15,186
Ferguson November
2008
PDMR Date of Price paid Number of Number of
purchase per share shares shares
(ZAR) of purchased comprised
shares in Matched
purchased in Award
Johannesburg granted 2
December
2008
Albert 28 139.6666 4,372 7,286
Jamieson November
2008
Chris 28 139.6666 3,349 5,581
Sheppard November
2008
The Matched Awards 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 Total Shareholder Return ("RTSR"),
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 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 (median) 20% vesting
Target (upper quartile) 70% vesting
Stretch (top decile) 100% vesting
with straight-line interpolation between (i) Threshold and Target and (ii)
Target and Stretch.
The other half of the award is subject to an absolute share price growth target,
which is assessed over a three year period. There will be no re-testing and no
part of the share price growth based Matched Award will vest for performance
less than threshold.
Threshold 20% vesting
Stretch 100% vesting
with straight-line interpolation between Threshold and Stretch.
Both performance conditions will be measured over a period of three years ending
on 31 October 2011.
For reasons of commercial sensitivity, the share price growth targets are not
disclosed at this time although there will be full retrospective disclosure in
the remuneration report following vesting. The Remuneration Committee believes
that these targets should prove stretching, yet realistic and that this
combination of measures fully aligns the interests of the directors and senior
executives who participate in the Plan with both the strategic objectives of the
Company and the interests of its shareholders.
END
Date: 02/12/2008 17:17:02 Produced by the JSE SENS Department.
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