Lonmin bosses sell ahead of CGT changes
Sir John Craven, chairman of platinum miner Lonmin, sold more than £2m of shares in the company today ahead of changes in capital gains tax rules.
Sir John, who has also held non-executive directorships with Reuters, Ducati and Rothmans, sold 63,808 shares at just over 3,403.21p a share, earning a total of £2.17m.
He retains a holding of 30,000 shares in the company.
Deputy chairman Roger Phillimore sold 15,212 shares at 3,397p each or a total of £516,752, reducing his stake to 3,614 shares.
Lonmin said the sales were made "in the light of the 80% increase in the rate of Capital Gains Tax following the ending of the current UK taper relief rules on 6 April 2008."
Lonmin, which mines for platinum in South Africa, has recently seen production curbed by power cuts in the country. The power shortages have proved a mixed blessing, however, as they have pushed up global platinum prices.
Goldman Sachs earlier this month raised its price target on Lonmin to 3,600p from 2,665p and its rating to 'neutral' from 'sell', saying it stood to benefit from South Africa's power problems pushing up prices for the precious metal.
Sir John, who was knighted for services to banking and the City, became Lonmin's chairman in 1997.
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