Source - RNS
RNS Number : 7295I
Direct Line Insurance Group PLC
01 September 2016
 

DIRECT LINE INSURANCE GROUP PLC ("DLG")

TRANSACTIONS IN SHARES BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMRs")

1 September 2016

 

DLG announces the following changes in the interests of Directors and other PDMRs in DLG's ordinary shares of 10 10/11 pence each ("Ordinary Shares").

 

Direct Line Insurance Group plc 2012 Long-Term Incentive Plan ("LTIP")

 

On 30 August 2016, awards to Participants over options to acquire Ordinary Shares at nil-cost under the LTIP, awarded on 28 August 2013, (each award an "Option Award"), vested as detailed below (Column D).   Under the LTIP Rules, Option Awards vest at the expiry of the Performance Period, subject to the Performance Conditions and the addition of Dividend Equivalents.  The proportion of the Option Awards vesting in accordance with the Performance Conditions, measured during the Performance Period, is 96.4%.  Awards can be exercised for the period up to 10 years from the date of grant and they continue to accrue Dividend Equivalents up to the date of exercise.  At exercise the Company will notify the market of the additional Dividend Equivalents added since vesting.

 

On 30 August 2016, certain PDMRs exercised their options to acquire the Ordinary Shares subject to their vesting Option Awards, as detailed in Column E.  On 31 August 2016 they then sold the number of Ordinary Shares detailed in Column F to settle the tax liability arising from the Exercise.    

 

 

 

 

 

Number of Ordinary Shares subject to an Option Award (post the 2015 Share Consolidation)

Number of Ordinary Shares subject to an Option Award deducted after applying Performance Conditions

Number of additional Ordinary Shares subject to an Option Award after the calculation of Dividend Equivalents

Total number of Ordinary Shares subject to an Option Award Vesting

Number of Ordinary Shares acquired following an Option Exercise on 30 August 2016

Number of Ordinary Shares sold to settle the tax liability arising from an Option Exercise on 31 August 2016, all at a price of 364.1128p per share

Number of Ordinary Shares received by PDMR from LTIP exercise after payment of tax

 

A

B

C

D = A-B+C

E

F

G = E - F

Directors 

 

 

 

 

 

 

 

Paul

Geddes

323,069

16,341

130,837

437,565

437,565

206,378

231,187

John

Reizenstein

195,541

9,891

79,190

264,840

-

-

-

PDMRs

 

 

 

 

 

 

 

Jonathan

Greenwood

87,675

4,435

35,506

118,746

118,746

56,007

62,739

Steve

Maddock

98,834

4,999

40,025

133,860

133,860

63,136

70,724

Humphrey

Tomlinson

57,765

2,922

23,393

78,236

78,236

36,901

41,335

Jose

Vazquez

107,165

5,421

43,400

145,144

145,144

68,458

76,686

Mike Holliday-Williams

-

-

-

-

-

-

-

Simon Linares

-

-

-

-

-

-

-

 

 

  

On 30 August, Paul Geddes also exercised the following nil cost options from the LTIP and Deferred Annual Incentive Plan ("DAIP") schemes that had vested in March 2016.

 

 

Number of Ordinary Shares subject to an Option Award at vesting

Number of additional Ordinary Shares subject to an Option Award after the calculation of Dividend Equivalents since vesting

Total number of Ordinary Shares subject to an Option Award

Number of Ordinary Shares acquired following an Option Exercise on 30 August 2016

Number of Ordinary Shares sold to settle the tax liability arising from an Option Exercise on 30 August 2016, all at an average price of 363p per share

Number of Ordinary Shares received by PDMR from LTIP exercise after payment of tax

 

A

B

C = A+B

C

D

E = C - D

 

 

 

 

 

 

 

LTIP

458,778

18,132

476,910

476,910

229,434

247,476

DAIP

47,590

1,880

49,470

48,473*

22,953

25,520

 

*Of the 49,470 shares subject to an Option Award under the DAIP, Paul Geddes exercised Options over and acquired 48,473 shares. The balance of 997 shares remains vested and unexercised.

 

 

DLG was also notified on 30 August 2016 of the below sale of Ordinary Shares by a PDMR, in Column A of the below table.  After the vesting and sales, the Directors and PDMRs continue to comply with DLG's Share Ownership Guidelines.

 

 

Number of

beneficially owned

Ordinary Shares held before the above vestings

Number of Ordinary Shares sold on 30 August 2016, at an average price of 364p per share

Number of Ordinary Shares  Acquired from above LTIP/DAIP exercises

Resulting holding of beneficially owned Ordinary Shares at 1 September 2016

Total interest in Ordinary Shares, including under share plans. 

 

 

A

 

 

 

Directors

 

 

 

 

 

Paul Geddes

 

474,255

       405,970

504,183

572,468

2,309,903

 

John

Reizenstein

190,031

-

-

190,031

2,139,657

PDMRs

 

 

 

 

 

Jonathan

Greenwood

82,814

-

62,739

145,553

651,745

Steve

Maddock

119,809

-

70,724

190,533

850,880

Humphrey

Tomlinson

165,959

-

41,335

207,294

561,153

Jose

Vazquez

110,863

 

-

76,686

187,549

 

828,444

Mike Holliday-Williams

108,709

-

-

108,709

972,334

Simon Linares

-

 

-

-

-

 

349,703

 

 

For further information on DLG's remuneration policy and the implementation of the policy please see our 2015 Directors' Remuneration Report which is available at:  www.directlinegroup.com.

 

This announcement is made in accordance with the Market Abuse Regulation.

 

For any enquiries relating to this announcement, please contact: 

 

 

Sian Hoskins

Assistant Company Secretary

Telephone: 01651 831681

 

Roger Clifton

Company Secretary

Telephone: 01651 832340


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