Director/PDMR Shareholding

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

1.    Name of the issuer                2.    State whether the notification   
                                              related to (i) a transaction     
      Lancashire Holdings Limited             notified in accordance with DTR  
                                              3.1.2 R, (ii) a disclosure made  
      (the "Company")                         in accordance with LR 9.8.6R(1)  
                                              or (iii) a disclosure made in    
                                              accordance with section 793 of   
                                              the Companies Act (2006)         
                                                                               
                                              (i) a transaction notified in    
                                              accordance with DTR 3.1.2 R, (ii)
                                              a disclosure made in accordance  
                                              with LR 9.8.6R(1)                
                                                                               
3.    Name of the person discharging    4.    State whether notification       
      managerial responsibilities/            relates to a person connected    
      director                                with a person discharging        
                                              managerial responsibilities/     
      Barry Volpert                           director named in 3 and identify 
                                              connected person                 
                                                                               
                                              Crestview, L.L.C.                
                                                                               
5.    Indicate whether the notification 6.    Description of shares (including 
      is in respect of a holding of the       class), debentures or derivatives
      person referred to in 3 or 4            or financial instruments relating
      above or in respect of a                to shares                        
      non-beneficial interest                                                  
                                              Common shares of US$0.50 each    
      Connected Person referred to at 4                                        
      above                                                                    
                                                                               
7.    Name of registered shareholder(s) 8.    State the nature of the          
      and, if more than one, the number       transaction                      
      of shares held by each of them                                           
                                              Sale of 4,429,120 common shares  
      Crestview Partners LP - 2,771,194       of US$0.50 each                  
      common shares                                                            
                                                                               
      Crestview Offshore Holdings                                              
      (Cayman) LP - 741,712 common                                             
      shares                                                                   
                                                                               
      Crestview Partners (PF) LP -                                             
      491,890 common shares                                                    
                                                                               
      Crestview Partners (ERISA) LP -                                          
      228,482 common shares                                                    
                                                                               
      Crestview Holdings (TE) LP -                                             
      195,842 common shares                                                    
                                                                               
9.    Number of shares, debentures or   10.   Percentage of issued class       
      financial instruments relating to       acquired (treasury shares of the 
      shares acquired                         class should not be taken into   
                                              account when calculating         
      N/A                                     percentage)                      
                                                                               
                                              N/A                              
                                                                               
11.   Number of shares, debentures or   12.   Percentage of issued class       
      financial instruments relating to       disposed (treasury shares of the 
      shares disposed                         class should not be taken into   
                                              account when calculating         
      Crestview Partners LP - 2,771,194       percentage)                      
                                                                               
      Crestview Offshore Holdings             2.837%                           
      (Cayman) LP - 741,712                                                    
                                                                               
      Crestview Partners (PF) LP -                                             
      491,890                                                                  
                                                                               
      Crestview Partners (ERISA) LP -                                          
      228,482                                                                  
                                                                               
      Crestview Holdings (TE) LP -                                             
      195,842                                                                  
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                              28 June 2010 - London England    
      28 June 2010 - £5.012 per share                                          
                                              30 June 2010 - London England    
      30 June 2010 - £4.975 per share                                          
                                              01 July 2010 - London England    
      01 July 2010 - £4.968 per share                                          
                                              02 July 2010 - London England    
      02 July 2010 - £4.916 per share                                          
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transactions                     
      holding following notification                                           
      (any treasury shares should not         06 July 2010                     
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      Crestview Partners LP - 0 common                                         
      shares; 740,301 Founder warrants                                         
      (0.474%)                                                                 
                                                                               
      Crestview Offshore Holdings                                              
      (Cayman) LP - 0 common shares;                                           
      198,109 Founder warrants (0.127%)                                        
                                                                               
      Crestview Partners (PF) LP - 0                                           
      common shares; 131,408 Founder                                           
      warrants (0.084%)                                                        
                                                                               
      Crestview Partners (ERISA) LP - 0                                        
      common shares; 61,002 Founder                                            
      warrants (0.039%)                                                        
                                                                               
      Crestview Holdings (TE) LP - 0                                           
      common shares; 52,360 Founder                                            
      warrants (0.034%)                                                        

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes

17.   Date of grant                     18.   Period during which or date on   
                                              which exercisable                
      N/A                                                                      
                                              N/A                              
                                                                               
19.   Total amount paid (if any) for    20.   Description of shares or         
      grant of the option                     debentures involved (class and   
                                              number)                          
      N/A                                                                      
                                              N/A                              
                                                                               
21.   Exercise price (if fixed at time  22.   Total number of shares or        
      of grant) or indication that            debentures over which options    
      price is to be fixed at the time        held following notification      
      of exercise                                                              
                                              N/A                              
      N/A                                                                      

23.   Any additional information        24.   Name of contact and telephone    
                                              number for queries               
      The total number of common shares                                        
      in issue with voting rights             Greg Lunn [phone]        
      (excluding shares held in                                                
      treasury) used for the above                                             
      calculations post transaction was                                        
      156,060,146 as disclosed by the                                          
      Company on 06 July 2010                                                  

Name of authorised official if issuer making notification                      
                                                                               
Greg Lunn                                                                      
                                                                               
Company Secretary                                                              
                                                                               
7 July 2010