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LON
LOLMI
LON - Lonmin Plc - Director And PDMR Shareholdings
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")
28 DECEMBER 2006
DIRECTOR AND PDMR SHAREHOLDINGS
Lonmin Plc (the `Company`) received notice on 27 December 2006 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
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, on 22 December 2006 the Trustees 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 15 December 2006 3152.8926p 9,847 16,690
Ian Farmer 15 December 2006 3152.8926p 1,270 2,152
John 15 December 2006 3152.8926p 1,406 2,384
Robinson
PDMR Date of purchase Price paid Number of Number of
per share shares shares
purchased comprised in
Matched Award
Rob 15 December 2006 3152.8926p 571 967
Bellhouse
Lee 15 December 2006 3152.8926p 336 569
Johnson
Alex 15 December 2006 3152.8926p 615 1,042
Shorland-
Ball
Mian 15 December 2006 3152.8926p 263 439
Khalil
Alistair 15 December 2006 3152.8926p 2,933 4,888
Ross
Alan 18 December 2006 ZAR 411 685
Keeley 423.6769
Simo 18 December 2006 ZAR 225 374
Lushaba 423.6769
Ricus 18 December 2006 ZAR 568 947
Grimbeek 423.6769
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 20 companies selected from the
mining and metals sector over a three year period (assuming dividend re-
investment), 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 50% vesting
62.5th percentile 75% vesting
75th percentile 100% vesting
with straight-line interpolation between these levels.
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 2009. There will be no re-testing and no part of the
EBIT-based Matched Award will vest for performance less than threshold.
Threshold 50% vesting
Target 75% vesting
Stretch 100% vesting
with straight-line interpolation between these levels.
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: 28/12/2006 14:35:00 Produced by the JSE SENS Department.
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