Director/PDMR Shareholding

RNS Number : 9166C

Hochschild Mining PLC

21 March 2014

 



Disclosure Rules and Transparency Rules 3.1.4R 

Hochschild Mining plc ('the Company') announces a change in the interests of Ignacio Bustamante, an Executive Director of the Company, in the Ordinary Shares of the Company ('Shares').

Deferred Bonus Plan

Following the adoption of a Deferred Bonus Plan (the "Plan"), Ignacio Bustamante was granted a conditional award over 118,050 Shares under the Plan on 20 March 2014 in respect of a part of his bonus entitlement for the year ended 31 December 2013. The number of Shares was calculated by reference to a price of 183.583 pence, being the average market value of Shares for the three trading days prior to the grant of the award (the "3 Day Average Price"). Mr Bustamante will become entitled to receive the Shares after a period of 2 years, subject to continued employment with the Hochschild Mining group.

The award, which was granted for nil consideration, is intended to be satisfied through the issue of new Shares subject to obtaining the requisite shareholder approval at the Company's Annual General Meeting ("AGM") on 22 May 2014.  Further details of the Plan will be provided in the AGM circular to be mailed to shareholders on or around 17 April 2014.

Enhanced Long-Term Incentive Plan ("Enhanced LTIP")

On 20 March 2014, Ignacio Bustamante was also granted an award over 951,900 Shares under the Company's Enhanced LTIP pursuant to the terms of the shareholder approval granted at the 2011 AGM.

The award, which was made for nil consideration and calculated with reference to the 3 Day Average Price, is subject to a performance condition.

Total Interests

Following the grant of the awards detailed above which took place in London and were notified to the Company on 21 March 2014, Mr Bustamante has:

(i)    a holding of 62,219 Shares; and

(ii)    an interest in conditional awards over 1,432,146 Shares (of which 118,050 Shares are subject only to continued employment, and 1,314,096 Shares are subject to performance conditions).

Raj Bhasin

Company Secretary

Tel: [phone]

 

END

 

 

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