29th Sep 2006 16:39
Lonmin PLC29 September 2006 29 September 2006 Notification of Transactions of Directors and Persons Discharging ManagerialResponsibilities ("PDMRs") Pursuant to DR 3.1.4 R and in accordance with the rules of the Long TermIncentive Plan ("LTIP") contained within the Lonmin Plc Shareholder ValueIncentive Plan, the PDMR listed below was today granted a LTIP Award. PDMRs Position No. of sharesMian Khalil Executive Vice President - Capital Programmes 30,000 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 aperformance condition comprised of two objective tests, assessed independentlyof each other. One half of the award is based on Relative TSR, comparing the total returnaccruing to Lonmin shareholders with that of 20 companies selected fromthe mining and metals sector over a three-year period (assuming dividendreinvestment), with no provision for re-testing. None of the RTSR-based partof the LTIP Award will vest for performance below the median of the group, the vesting schedule thereafter being as follows: 50th percentile 35% vesting75th percentile 60% vesting90th 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 ended30 September 2008. There will be no re-testing and no part of the EBIT-basedLTIP Award will vest for performance less than $775m. The vesting schedulethereafter is as follows: 2008 EBIT ($m) 775 35% vesting1,000 63% vesting1,250 100% vesting Between these targets, a straight-line sliding scale operates. The Remuneration Committee believes that this combination of measuresfully aligns the interests of the executives and senior managers whoparticipate 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