15th Dec 2005 17:26
Lonmin PLC15 December 2005 15 DECEMBER 2005 Director and PDMR Shareholdings Lonmin Plc (the "Company") announces that under the terms of the Company'sDeferred Annual Bonus Plan (the "Plan") the trustees of the Company's employeebenefit trust (the "Trustees") have today advised the Company that they havebought shares in the Company on either the London or Johannesburg StockExchanges on behalf of the following Directors and Persons DischargingManagerial 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, would equalthe number purchased on behalf of the individual participant. Accordingly, theTrustees have today granted Matched Awards over shares in the Company as shownin the tables: Director Date of Price paid per Number of Number of purchase share shares shares purchased comprised in Matched AwardBrad Mills 8 December 2005 1667.0761p 10,559 17,897 Ian Farmer 8 December 2005 1667.0761p 1,341 2,273John Robinson 8 December 2005 1667.0761p 1,529 2,592 PDMR Date of Price paid per Number of Number of purchase share shares shares purchased comprised in Matched AwardRob Bellhouse 8 December 2005 1667.0761p 689 1,168 Ricus Grimbeek 8 December 2005 ZAR184.7954 436 726 Lee Johnson 8 December 2005 1667.0761p 531 900 Alan Keeley 8 December 2005 ZAR184.7954 548 914 Alistair Ross 8 December 2005 1667.0761p 655 1,110 AlexandraShorland-Ball 8 December 2005 1667.0761p 171 289 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 15 mining and mining-relatedcompanies over a three-year period (assuming dividend reinvestment), with noprovision for re-testing. None of the RTSR-based part of the Matched Award willvest for performance below the median of the group, the vesting schedulethereafter being as follows: 50th percentile (median) 50% vesting60th percentile 75% vesting75th percentile (upper quartile) 100% vestingwith straight-line interpolation between these levels. The other half of the award is based on the growth in EBIT profit from the $353million achieved in the year ended 30 September 2005 to that shown in theaudited group accounts for the year ending 30 September 2008. There will be nore-testing and no part of the EBIT-based Matched Award will vest for growth inprofit of less than 30% over the three years. The vesting schedule thereafter isas follows: + 30% growth in EBIT 50% vesting+ 45% growth in EBIT 75% vesting+ 60% growth in EBIT 100% vestingwith straight-line interpolation between these levels. The Remuneration Committee believes that this combination of measures fullyaligns the interests of the executives who participate in the Plan with both thestrategic objectives of the Company and the interests of its shareholders. ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lonmin