RNS Number : 3964Q
Lonmin PLC
03 August 2010
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3 August 2010
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 awards were made on 2 August 2010, to the Chief Executive Officer and a number of other PDMRs under the Company's Long Term Incentive Plan (each an "LTIP Award").
The LTIP Award made to Ian Farmer, the Chief Executive Officer is over 51,886 shares and is wholly subject to the satisfaction of a performance condition, described below.
Following a consultation exercise with institutional shareholders and their representative bodies, the Company's Remuneration Committee has approved and implemented a new performance condition, which combines (1) the measurement of sustained and broad-based operational performance over three years and (2) the Company's Total Shareholder Return over a three year period relative to the median of a group comprising the Company's five direct peers producing Platinum Group Metals. The operational targets will support the delivery of the company's medium term targets, as disclosed in the Company's Annual Report. The methodology of the new performance condition will be explained fully in the remuneration report for the year ended 30 September 2010, expected to be published in early December.
LTIP Awards were also made to the following PDMRs:
PDMR |
Role |
Number of shares |
Theuns de Bruyn |
Executive Vice-President Processing |
12,704 |
Albert Jamieson |
Chief Commercial Officer |
13,027 |
Barnard Mokwena |
Executive Vice-President Human Capital and External Affairs |
10,698 |
Mark Munroe |
Executive Vice-President Mining |
12,481 |
Mahomed Seedat |
Chief Operating Officer |
15,715 |
These LTIP Awards comprise a 50% retention component, the normal vesting of which is not subject to any performance condition other than continued service with the Group for three years, in line with South African practice. The remaining 50% is subject to satisfaction of the same performance condition as described above.
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Lonmin PLC.
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PRODUCER |
CODE : LMI.L |
ISIN : GB0031192486 |
CUSIP : 54336Q203 |
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Lonmin is a gold and platinum producing company based in United kingdom. Lonmin produces gold, platinum, palladium and rhodium in South Africa, and holds various exploration projects in Canada, in Gabon, in South Africa and in Tanzania. Its main assets in production are PANDORA JV, LIMPOPO, MARIKANA, EASTERN PLATINUM (EPL) and KAREE MINE (WPL) in South Africa and its main exploration properties are LUWUMBU in Tanzania, PANTON in Australia, MESSINA PLATINIUM and WESTERN PLATINUM in South Africa and WINDY LAKE in Canada. Lonmin is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 21.4 billions as of today (US$ 25.0 billions, € 22.0 billions). Its stock quote reached its highest recent level on August 28, 2009 at GBX 9 964.65, and its lowest recent point on June 28, 2019 at GBX 75.60. Lonmin has 282 784 288 shares outstanding. |