1st Aug 2011 10:39
1 AUGUST 2011
Notification of Directors' and PDMRs' shareholdings pursuant to Disclosure and Transparency Rule 3.1.4
The Company received notification on 29 July 2011 from the Trustee of the Lonmin Employee Benefit Trust that awards made on 29 July 2008 under the Stay & Prosper Plan to the PDMRs listed below vested to the extent of 50% resulting in the release, sale and retention of shares as detailed below, all of which occurred on 29 July 2011.
The other 50% of each award was subject to an EBIT performance condition for the Company's financial year ended 30 September 2010 (as discussed further below), which was not met and this portion of each award has therefore lapsed.
The Company was also notified on the same date by the PDMRs of the same information in discharge of their obligations under Rule 3.1.2 of the Disclosure and Transparency Rules.
Name of PDMR | Total no. of shares awarded | No. of shares vested | No. of shares sold (in London) | No. of shares retained | Sale price (£) |
Albert Jamieson
| 3,261 | 1,631 | 655 | 976 | 12.6143 |
Barnard Mokwena
| 2,698 | 1,349 | 1,349 | 0 | 12.6143 |
Mark Munroe
| 2,249 | 1,125 | 452 | 673 | 12.6143 |
Natascha Viljoen
| 3,666 | 1,833 | 736 | 1,097 | 12.6143
|
The award for 11,400 shares granted on 29 July 2008 under the Long Term Incentive Plan to Ian Farmer, Chief Executive Officer, lapsed in full on 29 July 2011. This award was wholly subject to a performance condition comprising two independent parts:
50% of the award was subject to Lonmin TSR relative to a group of 20 mining and metals companies over the three years ending 30 June 2011, in each case normalised into US dollars. The Company finished below median and this portion of the award lapsed.
The other 50% of the award was subject to audited EBIT for the year ended 30 September 2010. This condition was set in July 2008 on the cusp of the global financial crisis and required a minimum profit of $1,000m for the year (at which point 20% of the award would vest) with maximum vesting occurring if profits reached $1,595m. At the time these targets were set, analysts' forecasts for that year ranged from $722m to $2,225m, with a consensus (median) expectation of $1,433m. In the event, EBIT profit for the year was materially below threshold and this portion of the award also lapsed.
This EBIT performance condition also applied to the Stay & Prosper awards granted on the same day to the PDRMs, as noted above.
END
Related Shares:
Lonmin