12th Dec 2007 16:23
Lonmin PLC12 December 2007 12 DECEMBER 2007 DIRECTOR AND PDMR SHAREHOLDINGS Lonmin Plc (the 'Company') received notice on 11 December 2007 that underthe terms of the Company's Deferred Annual Bonus Plan (the 'Plan') thetrustees of the Company's employee benefit trust (the 'Trustees') boughtshares in the Company, as detailed below, on either the London or JohannesburgStock Exchanges on behalf of the following Directors and Persons DischargingManagerial Responsibility ('PDMRs'). Under the rules of the Plan, which was approved by shareholders at theCompany's Annual General Meeting in January 2007, the Trustees are obligedto make conditional Matched Awards on a two for one basis in relationto mandatory deferrals of participants' bonuses and further Matched Awardson a one for one basis in relation to voluntary deferrals. Accordingly,on 11 December 2007 the Trustees granted Matched Awards over shares in theCompany as shown below in the tables: Director Date Price paid Number of Total number of purchase per share shares purchased of shares comprised in Matched Awards Brad Mills 5 December 2007 3245p 2,147 5,153Ian Farmer 5 December 2007 3245p 613 2,076Alan Ferguson 5 December 2007 3245p 790 1,783 PDMR Date Price paid Number of Total number of purchase per share shares purchased of shares comprised in Matched Awards Rob Bellhouse 5 December 2007 3245p 253 856Alex Shorland-Ball 5 December 2007 3245p 87 294Mian Khalil 5 December 2007 3245p 1,602 3,263Theuns de Bruyn 5 & 6 December 2007 R447.3651* 997 2,027Albert Jamieson 5 & 6 December 2007 R447.3651* 344 1,146Marinda vander Merve 5 & 6 December 2007 R447.3651* 114 380 * Weighted average purchase price Half of the shares subject to the Matched Award will normally vest at the endof the performance period, subject to the participant remaining with the Group.One quarter of the shares subject to the Matched Award will vest subject tosatisfaction of a Relative Total Shareholder Return performance conditionand a further quarter subject to a profit target. Invested Shares acquiredwith the mandatory bonus deferrals will become forfeitable should theparticipant leave during the three year performance period (save in certain"good leaver" situations). The RTSR condition compares the total return accruing to Lonmin shareholderswith that of 20 companies selected from the mining and metals sector overa 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 forperformance below the median of the group, the vesting schedule thereafterbeing as follows: Threshold 20% vestingTarget 70% vestingStretch 100% vesting with straight-line interpolation between (i) Threshold and Targetand (ii) Target and Stretch. The profit condition is based on EBIT (Earnings Before Interest and Tax)by reference to the Company's audited EBIT performance for the year ended30 September 2010. There will be no re-testing and no part of theEBIT-based Matched Award will vest for performance less than threshold. Threshold 20% vestingTarget 60% vestingStretch 100% vesting with straight-line interpolation between Threshold and Stretch. 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 combinationof measures fully aligns the interests of the executives and senior managerswho participate in the Plan with both the strategic objectives of the Companyand the interests of its shareholders. END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lonmin