|
LON
LOLMI
LON - Lonmin Plc - Notification of Transactions of Directors and Persons
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")
11 December 2006
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 granted a LTIP Award on 8 December
2006.
PDMRs Position No. of shares
Mian Khalil Executive Vice President - Capital 7,500
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 threshold. The vesting schedule
thereafter is as follows:
Threshold 35% vesting
Target 63% vesting
Stretch 100% vesting
Between these targets, a straight-line sliding scale operates.
For reasons of commercial sensitivity, the targets are not disclosed, but the
Remuneration Committee believes that they should prove stretching, yet
realistic. The Remuneration Committee also 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: 12/12/2006 07:31:02 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
