REG - Antofagasta PLC - Long Term Incentive Plan Awards

Thu Sep 27, 2012 12:17pm EDT

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RNS Number : 3800N
Antofagasta PLC
27 September 2012
 



 

 

 

For immediate release

 

Cleveland House                                                                       Telephone: + 44 20 7808 0988

33 King Street                                                                           Fax + 44 20 7930 7578

London SW1Y 6RJ                                                                   info@antofagasta.co.uk

United Kingdom

 

Long Term Incentive Plan awards to Persons Discharging Managerial Responsibility

Disclosures notified in accordance with DTR 3.1.2R

 

London, 27 September 2012

 

Antofagasta plc (the "Company") announces that it received notification that on 30 August 2012 awards calculated by reference to the value of ordinary shares in the Company ("Shares") were granted under the Antofagasta Long Term Incentive Plan (the "LTIP") to Persons Discharging Managerial Responsibility ("PDMRs") of the Company as set out below:

 

Name

Position

N° Shares to which awards relates

Performance Awards

Restricted Awards

A. Cerda

General Manager, Minera Los Pelambres

11,240

11,240

S. Parada

General Manager, Minera El Tesoro

10,397

10,397

A. Sougarret

General Manager, Minera Esperanza

8,430

8,430

 

These are awards granted under the LTIP which the Antofagasta group (the "Group") has established to reward senior executives in a way that aligns the interests of LTIP participants with the interests of shareholders and with the Group's long-term strategic plan.  Directors of the Company are not eligible to participate in the LTIP.

 

Awards granted under the LTIP are conditional rights to receive a cash payment by reference to the number of Shares relating to the relevant award which vest under the LTIP.  The cash payment is determined by reference to the market value of the Shares at vesting.  No Shares are issued to participants in the LTIP.  No consideration was paid for the grant of any awards.

 

Performance awards are subject both to performance conditions which are measured over a three year period (2012-2014) and to continued employment.  Performance awards will normally vest only after the end of the three year performance period and only to the extent that the performance conditions are met.

 

Restricted awards are subject to continued employment and will normally vest as to one third in January 2013, as to a further third in January 2014 and as to the final third in January 2015.

 

As the PDMRs listed above only became employees part way through the year, the payments that they will receive under the performance awards and the payment that they will receive under the first tranche of restricted awards will be pro-rated to their period of service.

 

Enquiries - London

Antofagasta plc

Tel: +44 20 7808 0988

www.antofagasta.co.uk

Desmond O'Conor

Email: doconor@antofagasta.co.uk

Hussein Barma

Email: hbarma@antofagasta.co.uk

 

Press Enquiries - London

Bankside Consultants

Tel: +44 20 7367 8871

Simon Rothschild

Email: simon.rothschild@bankside.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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