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Lonmin Plc - Director and PDMR Shareholdings
Lonmin Plc
Share Code: LON
ISIN: GB0031192486
15 DECEMBER 2005
Director and PDMR Shareholdings
Lonmin Plc (the "Company") announces 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") have today advised the Company that they have
bought shares in the Company 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 the Trustees are obliged to make a conditional
Matched Award over a number of shares which, after local taxation, would equal
the number purchased on behalf of the individual participant. Accordingly, the
Trustees have today granted Matched Awards over shares in the Company as shown
in the tables:
Director Date of purchase Price paid Number of Number of
per share shares shares
purchased comprised
in Matched
Award
Brad Mills 8 December 2005 1667.0761p 10,559 17,897
Ian Farmer 8 December 2005 1667.0761p 1,341 2,273
John Robinson 8 December 2005 1667.0761p 1,529 2,592
PDMR Date of purchase Price paid Number of Number of
per share shares shares
purchased comprised
in Matched
Award
Rob Bellhouse 8 December 2005 1667.0761p 689 1,168
Ricus Grimbeek 8 December 2005 ZAR184.7954 436 726
Lee Johnson 8 December 2005 1667.0761p 531 900
Alan Keeley 8 December 2005 ZAR184.7954 548 914
Alistair Ross 8 December 2005 1667.0761p 655 1,110
Alexandra Shorland-Ball 8 December 2005 1667.0761p 171 289
The vesting of the Matched Awards is dependent on satisfaction of a performance
condition, which comprises 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 15 mining and mining-related
companies over a three-year period (assuming dividend reinvestment), 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:
50th percentile (median) 50% vesting
60th percentile 75% vesting
75th percentile (upper quartile) 100% vesting
with straight-line interpolation between these levels.
The other half of the award is based on the growth in EBIT profit from the $353
million achieved in the year ended 30 September 2005 to that shown in the
audited group accounts for the year ending 30 September 2008. There will be no
re-testing and no part of the EBIT-based Matched Award will vest for growth in
profit of less than 30% over the three years. The vesting schedule thereafter
is as follows:
+ 30% growth in EBIT 50% vesting
+ 45% growth in EBIT 75% vesting
+ 60% growth in EBIT 100% vesting
with straight-line interpolation between these levels.
The Remuneration Committee believes that this combination of measures fully
aligns the interests of the executives who participate in the Plan with both the
strategic objectives of the Company and the interests of its shareholders.
ENDS
Date: 19/12/2005 07:30:08 AM Produced by the JSE SENS Department
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