| Tue 3 Aug 2010, 8:30 | | LON - Lonmin Plc - Notification of transactions of directors and persons |
|
LON
LOLMI
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
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