18th Aug 2006 10:45
Lonmin PLC18 August 2006 Lonmin Plc 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 Executive Directors of Lonmin Plc and the PDMRs listed belowwere granted LTIP Awards on 17 August 2006. Directors No. of shares Brad Mills 44,100 Ian Farmer 12,200 John Robinson 9,200 PDMRs Position No. of shares Alistair Ross President - Platinum Operations 7,500 Rob Bellhouse Company Secretary 5,100 Lee Johnson VP - Human Capital 3,650 Alex Shorland-Ball VP - Investor Relations 3,650 Ricus Grimbeek VP - Mining Marikana 5,000 Simo Lushaba VP - Shared Services 5,000 Alan Keeley VP - Platinum Processing 2,500 The LTIP Awards 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 from themining and metals sector over a three-year period (assuming dividendreinvestment), with no provision for re-testing. None of the RTSR-based part ofthe LTIP Award will vest for performance below the median of the group, thevesting 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 ended 30September 2008. There will be no re-testing and no part of the EBIT-based LTIP Award will vest for performance less than $775m. The vesting schedule thereafteris as follows: 2008 EBIT ($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 measures fullyaligns the interests of the executives and senior managers who participate inthe Plan with both the strategic objectives of the Company and the interests ofits shareholders. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lonmin