Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Lonmin Plc    LMI   GB0031192486

End-of-day quote. End-of-day quote  - 12/18
57.75 GBP   -17.50%
07/22 LONMIN : Radio Debate On Lonmin Deal Shut Down
07/20 LONMIN : PPC seeks R4bn to repay bank debt
07/13 LONMIN : Phiyega turns to court in bid to save her job
News SummaryMost relevantAll newsSector news 

PIRC: Recommends Lonmin Holders Oppose Remuneration Report

share with twitter share with LinkedIn share with facebook
share via e-mail
01/22/2013 | 05:17pm CEST

By Alex MacDonald

LONDON--Shareholders of South African platinum producer Lonmin PLC (>> Lonmin Plc) should vote against the company's remuneration report on the grounds that certain awards, particularly to the acting chief executive officer, could be deemed excessive and insensitive given the company's recent labor strike, U.K. independent shareholder advisory body PIRC said Tuesday.

Lonmin, the world's third largest platinum producer, suffered a strike last summer at its largest South African platinum mine, Marikana, which resulted in 34 deaths as workers protested for higher wages. The protests resulted in lost platinum production that ultimately led the company to issue shares in order to avoid breaching its debt covenants. During the protests, Lonmin also appointed Chief Financial Officer Simon Scott as acting CEO after its former CEO Ian Farmer fell seriously ill and was hospitalized.

PIRC said Mr. Scott, serving as interim CEO, was awarded a retention payment of GBP814,625 ($1.29 million) in addition to extra salary for being interim CEO while striking miners who were seeking to raise their salaries of $300-500 per month were paid a signing bonus and an 11% to 22% annual salary increase by comparison, PIRC said.

"The remuneration committee demonstrated a lack of sensitivity to internal factors with their decision to make a significant retention award payment to the CFO following the strike," PIRC said in a statement. "It is not clear that the strike was resolved in a way which merited any kind of award," it said, adding that decisions made by the company on how to handle the strike, including declaring the strike illegal and threatening to fire workers who did not return to work, are still under investigation.

The award has a face value of GBP814,625, or 2.5 times Mr. Scott's base salary and is discretionary, PIRC said.

Lonmin shareholders are due to vote on the remuneration report at the company's annual general meeting on Jan 31.

Write to Alex MacDonald at alex.macdonald@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : Lonmin Plc
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on LONMIN PLC
07/22 LONMIN : Radio Debate On Lonmin Deal Shut Down
07/20 LONMIN : PPC seeks R4bn to repay bank debt
07/13 LONMIN : Phiyega turns to court in bid to save her job
06/27 LONMIN : *exane bnp raises lonmin price target to 180 (172) pence - 'neutral'
06/25 LONMIN : Flight of Corporate Profits Poses Biggest Threat to South Africa's Econ..
06/25 LONMIN : Transfer of Deferred Shares
06/21 LONMIN : Hope replaces horror as Lonmin rebuilds African mine operation
06/15 LONMIN : *ubs cuts lonmin to 'sell' ('neutral') - target 140 (110) pence
06/15 *TRADERS : Ubs cuts lonmin to 'sell' ('neutral')
06/03 LONMIN : Director/PDMR Shareholding
More news
Sector news : Platinum Mining
10:22aDJANGLO AMERICAN PLATINUM : Amplats First-Half Profit Down 62% on Low Metal Prices..
07/12DJANGLO AMERICAN PLATINUM : Sees First-Half Net Profit Down 54%-74% -- Update
07/12DJANGLO AMERICAN PLATINUM : Eyes 54% to 74% Drop in Net Profit
07/11DJAK ALROSA PAO : Russia Sells Stake in Diamond Company Alrosa to Cut Budget Defic..
07/11DJAK ALROSA PAO : Correction to Russia Government Sells Alrosa Stake Story
More sector news : Platinum Mining
News from SeekingAlpha
2015 Lonmin plunges to record lows as investors bail before rights offer
2015 Lonmin to write down assets by as much as $2.05B
2015 Lonmin unveils $770M debt restructuring plan
2015 WALL STREET BREAKFAST : Anthem To Buy Cigna For $54.2B
2015 Lonmin to cut 6,000 jobs amid platinum slump
Financials ($)
Sales 2016 1 075 M
EBIT 2016 -40,2 M
Net income 2016 -5,53 M
Finance 2016 77,4 M
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017 58,21
EV / Sales 2016 0,68x
EV / Sales 2017 0,70x
Capitalization 809 M
More Financials
Duration : Period :
Lonmin Plc Technical Analysis Chart | LMI | GB0031192486 | 4-Traders
Full-screen chart
Income Statement Evolution
More Financials
Mean consensus UNDERPERFORM
Number of Analysts 17
Average target price 1,82 $
Spread / Average Target -36%
Consensus details
EPS Revisions
More Estimates Revisions
Bennetor Magara Chief Executive Officer & Executive Director
Brian Richard Beamish Chairman
Ben Moolman Chief Operating Officer & Executive Director
Barend Johannes van der Merwe Chief Financial Officer & Executive Director
James Harry Sutcliffe Independent Non-Executive Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
LONMIN PLC-96.69%809
LONMIN PLC159.58%809
THARISA PLC127.27%225
More Results