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LON
LOLMI
Lonmin Plc - Notification of Transactions of Directors and 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")
29 September 2006
Lonmin Plc
Notification of Transactions of Directors and Persons Discharging Managerial
Responsibilities ("PDMRs")
Pursuant to DR 3.1.4 R and in accordance with the rules of the Long Term
Incentive Plan ("LTIP") contained within the Lonmin Plc Shareholder Value
Incentive Plan, the PDMR listed below was today granted a LTIP Award.
PDMRs Position No. of shares
Mian Khalil Executive Vice 30,000
President - Capital
Programmes
The LTIP Award 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 TSR, 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
reinvestment), with no provision for re-testing. None of the RTSR-based part
of the LTIP Award will vest for performance below the median of the group,
the vesting schedule thereafter being as follows:
50th percentile 35% vesting
75th percentile 60% vesting
90th percentile 100% vesting
Between these targets, a straight-line sliding scale operates.
The other half of the award is based on EBIT (Earnings Before Interest and
Tax) by reference to the Company"s audited EBIT performance for the year
ended 30 September 2008. There will be no re-testing and no part of the
EBIT-based LTIP Award will vest for performance less than $775m. The
vesting schedule thereafter is as follows:
2008 EBIT ($m)
775 35% vesting
1,000 63% vesting
1,250 100% vesting
Between these targets, a straight-line sliding scale operates.
The Remuneration Committee 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: 29/09/2006 05:55:02 PM Produced by the JSE SENS Department
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