5th Mar 2013 10:51
5 March 2013
Director's share dealing
Lonmin Plc (the "Company") granted a Retention Award on 7 November 2012 to Simon Scott, Chief Financial Officer and a director of the Company, the terms of which were set out in the 2012 Annual Report.
Following detailed discussions with certain institutional shareholders, the Remuneration Committee of the Company has now agreed with Mr Scott that upon vesting of this award (which remains subject to the satisfaction of performance conditions) the award will be settled by the transfer of shares in the Company, rather than in cash. All other terms of the award, including the vesting date, remain unchanged.
The award, which amounted to £814,625, will now be over 254,570 shares. The strike price of 320p used to determine the number of shares was the average closing price in London for the 20 dealing days ending on 30 January, being the date on which the Remuneration Committee decided to adopt share settlement for this award. A 20 dealing day average is used to determine the strike price in all of the Company's employee share schemes.
As Mr Scott's retention award was implemented under the provisions of LR 9.4.2R, any shares ultimately transferred to him on vesting of the award must be sourced from market purchases. Should the retention award ultimately vest, it will not be dilutive for shareholders of the Company.
- ENDS -
ENQUIRIES
Investors / Analysts:
Lonmin
Tanya Chikanza (Head of Investor Relations) | +27 11 218 8300 / +44 20 7201 6007 |
Media:
Cardew Group
James Clark | +44 20 7930 0777 |
Sue Vey | +27 72 644 9777 |
Brunswick - Johannesburg
Cecilia de Almeida | +27 11 502 7400 / +27 83 325 9169 |
Notes to editors
Lonmin, which is listed on both the London Stock Exchange and the Johannesburg Stock Exchange, is one of the world's largest primary producers of PGMs. These metals are essential for many industrial applications, especially catalytic converters for internal combustion engine emissions, as well as their widespread use in jewellery.
Lonmin's operations are situated in the Bushveld Complex in South Africa, where nearly 80% of known global PGM resources are found.
The Company creates value for shareholders through mining, refining and marketing PGMs and has a vertically integrated operational structure - from mine to market. Lonmin's mining operations extract ore from which the Process Division produces refined PGMs for delivery to customers. Underpinning the operations is the Shared Services function which provides high quality levels of support and infrastructure across the operations.
For further information please visit our website: http://www.lonmin.com
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