TIDMDLG
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 Number of Number of Total Number of Number of Number of
Ordinary Ordinary additional number Ordinary Ordinary Ordinary
Shares subject Shares Ordinary of Ordinary Shares Shares Shares
to an Option subject Shares Shares acquired sold to received by
Award (post to an subject to subject following settle PDMR from
the 2015 Option an Option to an an the tax LTIP
Share Award Award after Option Option liability exercise
Consolidation) deducted the Award Exercise arising after
after calculation Vesting on 30 from payment
applying of Dividend August an Option of tax
Performance Equivalents 2016 Exercise
Conditions on
31 August
2016, all
at a price
of
364.1128p
per share
------------------- --------------- ------------ ------------ ------------ ----------- ----------- ------------
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 Number of Total number Number of Number of Number of
Ordinary additional of Ordinary Ordinary Ordinary Shares Ordinary Shares
Shares subject Ordinary Shares Shares subject Shares acquired sold to settle received by
to an Option subject to to an Option following an the tax PDMR from
Award at an Option Award Option Exercise liability LTIP exercise
vesting Award after on 30 August arising from after payment
the calculation 2016 an Option of tax
of Dividend Exercise on
Equivalents 30 August
since vesting 2016, all
at an average
price of 363p
per share
------ ---------------- ----------------- ---------------- ----------------- ----------------- -----------------
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 Number of Number of Resulting Total interest
beneficially Ordinary Shares Ordinary Shares holding of in Ordinary
owned sold on 30 Acquired from beneficially Shares, including
Ordinary Shares August 2016, above LTIP/DAIP owned Ordinary under share
held before at an average exercises Shares at plans.
the above price of 364p 1 September
vestings per share 2016
---------------------- ----------------- ----------------- ----------------- ---------------- -------------------
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
END
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