23rd Aug 2007 12:33
Lonmin PLC23 August 2007 Lonmin Plc Notification of Transactions of Directors and Persons Discharging ManagerialResponsibilities ("PDMRs") Pursuant to DR 3.1.4 R Lonmin Plc (the "Company") confirms that in accordancewith the rules of the Long Term Incentive Plan ("LTIP") contained within theLonmin Plc Shareholder Value Incentive Plan, the Executive Directors and PDMRslisted below were on 22 August 2007 granted LTIP Awards over Ordinary Shares ofthe Company. Directors No. of shares Brad Mills 24,429 Ian Farmer 9,106 Alan Ferguson 10,857 PDMRs Position No. of shares Rob Bellhouse Company Secretary 3,766 Theuns de Bruyn Executive VP - Process Division 13,314 Albert Jamieson Executive VP - Business 3,396 Development & Marketing Lee Johnson VP - Human Capital 2,717 Mian Khalil Executive VP - Capital Programmes 5,099 Tshediso Mohase VP - Pandora JV 1,727 Mahomed Seedat* President - Lonmin Platinum SA 4,046 Alex Shorland-Ball VP - Investor Relations 2,738 Marinda van der Merwe VP - Sustainability 1,560 The LTIP Award 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. The performance period willbe measured from 5 July 2007, being the date on which the RemunerationCommittee approved these awards in principle and prior to the date on which theCompany issued its trading statement. None of the RTSR-based part of the LTIPAward will vest for performance below the median of the group, the vestingschedule thereafter being as follows: Threshold (median) 20% vestingTarget (upper quartile) 70% vestingStretch (top decile) 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 absolute level of audited EBIT for the year ended30 September 2009. There will be no re-testing and no part of the EBIT-based LTIP Award will vest for performance less than threshold. The vesting schedulethereafter is as follows: Threshold 20% vestingTarget pro rata vestingStretch 100% vesting Between threshold and stretch, a straight-line sliding scale operates. For reasons of commercial sensitivity, the targets are not disclosed, but theRemuneration Committee believes that they should prove stretching, yetrealistic. There will be full disclosure of the performance target at the endof the performance period. 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. * In addition, Mahomed Seedat, was today also granted an Award for 30,000notional shares under the Stay & Prosper Plan (the "Plan"). The Plan is a cash settled plan. 50% of the award is liked to the same EBITperformance condition as described above and the remaining 50% is subject tocontinued employment for a period of three years. The retention component of thePlan is designed to retain key managers within the group and therefore is notsubject to performance conditions. There are no 'good leaver' provisionsassociated with the Plan. The executive directors of Lonmin Plc are not eligible to participate in thePlan. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lonmin