13th Apr 2017 16:00
13 April 2017
Lonmin Plc
Director/PDMR shareholding
Pursuant to Article 19 of the EU Market Abuse Regulation, Lonmin Plc (the "Company") provides notification of the grant of nil-cost share awards granted on 13 April 2017 under the Company's Long Term Incentive Plan ("LTIP Awards") to Ben Magara, Chief Executive Officer and Barrie van der Merwe, Chief Financial Officer.
The LTIP Awards are subject to a performance condition comprising two metrics, each assessed independently:
· CROIC (Cash Return On Invested Capital) averaged over three financial years. This measures net operating profit after tax (eliminating the impact of depreciation and impairment compared to invested capital); and
· TSR (Total Shareholder Return) measured over a three year period relative to the median of a comparator group comprising PGM mining peers, all of whom operate principally in South Africa. Following feedback from shareholders, the Remuneration Committee has amended the vesting schedule (as outlined in the Company's Annual Report and Accounts 2016) to eliminate any vesting below median performance.
The notification forms below, made in accordance with the EU Market Abuse Regulation, provide further detail.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Ben Magara | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Chief Executive Officer | ||||||
b) | Initial notification/amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Lonmin Plc | ||||||
b) | LEI | 213800FGJZ2WAC6Y2L94 | ||||||
4 | Details of the transaction (s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of $0.0001 each
ISIN: GB00BYSRJ698 | ||||||
b) | Nature of the transaction | Grant of award under the Long Term Incentive Plan | ||||||
c) | Prices(s) and volume(s) |
| ||||||
d) | Aggregated information |
| ||||||
e) | Date of the transaction | 2017-04-13 | ||||||
f) | Place of the transaction | N/A | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name | Barrie van der Merwe | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Chief Financial Officer | ||||||
b) | Initial notification/amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Lonmin Plc | ||||||
b) | LEI | 213800FGJZ2WAC6Y2L94 | ||||||
4 | Details of the transaction (s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of $0.0001 each
ISIN: GB00BYSRJ698 | ||||||
b) | Nature of the transaction | Grant of award under the Long Term Incentive Plan | ||||||
c) | Prices(s) and volume(s) |
| ||||||
d) | Aggregated information |
| ||||||
e) | Date of the transaction | 2017-04-13 | ||||||
f) | Place of the transaction | N/A | ||||||
END
Related Shares:
Lonmin