28th Dec 2006 12:04
Lonmin PLC28 December 2006 28 DECEMBER 2006 DIRECTOR AND PDMR SHAREHOLDINGS Lonmin Plc (the 'Company') received notice on 27 December 2006 that under theterms of the Company's Deferred Annual Bonus Plan (the 'Plan') the trusteesof the Company's employee benefit trust (the 'Trustees') have advised theCompany that they have bought shares in the Company on either the London orJohannesburg Stock Exchanges on behalf of the following Directors and PersonsDischarging Managerial Responsibility ('PDMRs'). Under the rules of the Plan the Trustees are obliged to make a conditionalMatched Award over a number of shares which, after local taxation, wouldequal the number purchased on behalf of the individual participant.Accordingly, on 22 December 2006 the Trustees granted Matched Awardsover shares in the Company as shown in the tables: Director Date of purchase Price paid Number of shares Number of shares per share purchased comprised in Matched Award Brad Mills 15 December 2006 3152.8926p 9,847 16,690Ian Farmer 15 December 2006 3152.8926p 1,270 2,152John Robinson 15 December 2006 3152.8926p 1,406 2,384 PDMR Date of purchase Price paid Number of shares Number of shares per share purchased comprised in Matched Award Rob Bellhouse 15 December 2006 3152.8926p 571 967Lee Johnson 15 December 2006 3152.8926p 336 569AlexShorland-Ball 15 December 2006 3152.8926p 615 1,042Mian Khalil 15 December 2006 3152.8926p 263 439Alistair Ross 15 December 2006 3152.8926p 2,933 4,888Alan Keeley 18 December 2006 ZAR 423.6769 411 685Simo Lushaba 18 December 2006 ZAR 423.6769 225 374Ricus Grimbeek 18 December 2006 ZAR 423.6769 568 947 The vesting of the Matched Awards is dependent on satisfaction of a performancecondition which comprises two objective tests, assessed independently of eachother. One half of the award is based on Relative TSR, comparing the total returnaccruing to Lonmin shareholders with that of 20 companies selected from themining and metals sector over a three year period (assuming dividendre-investment), with no provision for re-testing. None of the RTSR-basedpart of the Matched Award will vest for performance below the median of the group, the vesting schedule thereafter being as follows: 50th percentile 50% vesting62.5th percentile 75% vesting75th percentile 100% vestingwith 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 ended30 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% vestingTarget 75% vestingStretch 100% vestingwith 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 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