Antofagasta PLC (ANTO) - Long Term Incentive Plan Awards
RNS Number : 9277R
23 November 2012
For immediate release
Telephone: + 44 20 7808 0988
Fax + 44 20 7930 7578
London SW1Y 6RJ
Long Term Incentive Plan awards and One Off Award to Persons Discharging
Disclosures notified in accordance with DTR 3.1.2R
London, 23 November 2012
Antofagasta plc (the "Company") announces that it received notification that,
on 22 November 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 a Person Discharging Managerial Responsibility
("PDMR") of the Company. On the same date, awards calculated by reference to
the value of Shares were granted to the PDMR listed below as an exceptional,
long-term award (the "One Off Award"). Details of the awards under the LTIP
and the One Off Award are set out below.
N° Shares to which awards relate
Name Position Performance Restricted One Off
Awards Awards Award
D. Hernández Chief Executive Officer, 36,679 36,679 83,496
Antofagasta Minerals S.A.
The performance awards and restricted awards are 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. The
One Off Award has been granted to Mr Hernández for the same purpose, but by
reference to metrics which are specific to his role as Chief Executive Officer
of Antofagasta Minerals S.A. Directors of the Company are not eligible to
participate in the LTIP or the One Off Award.
Awards granted under the LTIP and the One Off Award are conditional rights to
receive a cash payment by reference to the number of Shares relating to the
relevant award which vest. 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 or the One Off Award. No consideration was paid for the grant of
Vesting of LTIP Awards
Performance awards are subject both to certain 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 those 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 PDMR listed above was only appointed to his current role part way
through the year, the payments that he will receive under the performance
awards and the payment that he will receive under the first tranche of
restricted awards will be pro-rated accordingly.
Vesting of One Off Award
Half of the One Off Award is subject both to certain performance conditions
which are measured over a three year period (ending on 1 August 2015, the
three-year anniversary of the effective date of Mr Hernández's appointment)
and to continued employment. That half of the award will normally vest only
after the end of the three year performance period and only to the extent that
those performance conditions are met.
The other half of the One Off Award is subject to continued employment and
will normally vest on 1 August 2015.
Enquiries - London Press Enquiries - London
Antofagasta plc Bankside Consultants
Tel: +44 20 7808 0988 Tel: +44 20 7367 8871
Desmond O'Conor Email: email@example.com
This information is provided by RNS
The company news service from the London Stock Exchange
MSCBUBDBDXDBGDX -0- Nov/23/2012 15:34 GMT
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