| Mon 1 Aug 2011, 11:52 | | LON - Lonmin Plc - Notification of Directors` and PDMRs` shareholdings |
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LON
LOLMI
LON - Lonmin Plc - Notification of Directors` and PDMRs` shareholdings
pursuant to Disclosure and Transparency Rule 3.1.4
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")
1 AUGUST 2011
Notification of Directors` and PDMRs` shareholdings pursuant to Disclosure
and Transparency Rule 3.1.4
The Company received notification on 29 July 2011 from the Trustee of the
Lonmin Employee Benefit Trust that awards made on 29 July 2008 under the
Stay & Prosper Plan to the PDMRs listed below vested to the extent of 50%
resulting in the release, sale and retention of shares as detailed below,
all of which occurred on 29 July 2011.
The other 50% of each award was subject to an EBIT performance condition for
the Company`s financial year ended 30 September 2010 (as discussed further
below), which was not met and this portion of each award has therefore
lapsed.
The Company was also notified on the same date by the PDMRs of the same
information in discharge of their obligations under Rule 3.1.2 of the
Disclosure and Transparency Rules.
Name of Total no. No. of No. of No. of Sale price
PDMR of shares shares shares sold shares (GBP)
awarded vested (in London) retained
Albert 3,261 1,631 655 976 12.6143
Jamieson
Barnard 2,698 1,349 1,349 0 12.6143
Mokwena
Mark 2,249 1,125 452 673 12.6143
Munroe
Natascha 3,666 1,833 736 1,097 12.6143
Viljoen
The award for 11,400 shares granted on 29 July 2008 under the Long Term
Incentive Plan to Ian Farmer, Chief Executive Officer, lapsed in full on 29
July 2011. This award was wholly subject to a performance condition
comprising two independent parts:
50% of the award was subject to Lonmin TSR relative to a group of 20 mining
and metals companies over the three years ending 30 June 2011, in each case
normalised into US dollars. The Company finished below median and this
portion of the award lapsed.
The other 50% of the award was subject to audited EBIT for the year ended 30
September 2010. This condition was set in July 2008 on the cusp of the
global financial crisis and required a minimum profit of $1,000m for the
year (at which point 20% of the award would vest) with maximum vesting
occurring if profits reached $1,595m. At the time these targets were set,
analysts` forecasts for that year ranged from $722m to $2,225m, with a
consensus (median) expectation of $1,433m. In the event, EBIT profit for
the year was materially below threshold and this portion of the award also
lapsed.
This EBIT performance condition also applied to the Stay & Prosper awards
granted on the same day to the PDRMs, as noted above.
Date: 01/08/2011 11:52:01 Produced by the JSE SENS Department.
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