13th Dec 2011 16:52
13 December 2011
Notification of Transactions of Directors and Persons Discharging Managerial Responsibilities ("PDMRs")
Pursuant to DTR 3.1.4 R, Lonmin Plc (the "Company") confirms that nil cost options were granted on 12 December 2011 under the Company's Annual Share Award Plan ("ASAP Awards") to Ian Farmer, Chief Executive Officer, Simon Scott, Chief Financial Officer, and the PDMRs listed below.
Director/PDMR
| Position | Number of shares |
Ian Farmer
| Chief Executive Officer | 27,628 |
Simon Scott
| Chief Financial Officer | 13,180 |
Albert Jamieson
| Chief Commercial Officer | 9,943 |
Barnard Mokwena | Executive Vice-President Human Capital and External Affairs
| 7,818 |
Mark Munroe
| Executive Vice-President Mining | 9,094 |
Natascha Viljoen
| Executive Vice-President Processing | 9,365 |
The ASAP replaces the Deferred Annual Bonus Plan under which half the participant's after tax bonus was deferred and used to acquire shares in the Company. Under the new arrangement, the participants' Balanced Scorecard bonus opportunity has been halved and they have instead been granted ASAP Awards of an equivalent gross amount. The ASAP has the same economic effect and cost as the previous arrangements, but addresses the tax and cost inefficiencies of those.
ASAP Awards are not subject to a post-grant performance condition. They will vest on the third anniversary of the date of grant (subject to continued employment) and can be exercised at any time during the seven year period thereafter.
END
Related Shares:
Lonmin