Director/PDMR Shareholding

Lancashire Holdings Limited

(the “Company”) or (“LHL”)

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

The Company announces that, on 21 February 2020, Restricted Share Awards (“RSS awards”) were granted as nil-cost options over common shares of US$0.50 each under the LHL Restricted Share Scheme as both Long Term Incentive Performance RSS Awards and Deferred Annual Bonus RSS Awards to Alex Maloney, Executive Director and Group Chief Executive Officer and Deferred Annual Bonus RSS Awards to Elaine Whelan, Executive Director and Group Chief Financial Officer.

Mr. Maloney was granted 310,618 RSS awards as nil-cost options over the Company’s common shares of US$0.50 each. Of these RSS awards 260,292 were granted as Long Term Incentive Performance RSS Awards* and 50,326 were granted as Deferred Annual Bonus RSS Awards**.

Following this transaction, Mr. Maloney continues to have an interest in the Company of 679,308 common shares (which includes 155,722 common shares held via a connected person), representing 0.3347%.

Mr. Maloney now holds the following interests in the Company:

Long Term Incentive Performance RSS Awards – 882,969

(Pursuant to the Rules of the LHL Restricted Share Scheme, the number of shares that will actually vest depends on the satisfaction of certain conditions including employment, performance and time conditions). 

Deferred Annual Bonus RSS Awards – 90,759

(Vesting is subject to time and employment conditions only).

Mrs. Whelan was granted 34,557 RSS awards as nil-cost options over the Company’s common shares of US$0.50 each as Deferred Annual Bonus RSS Awards**.

Following this transaction, Mrs. Whelan continues to have an interest in the Company of 671,977 common shares (which includes 11,590 common shares held via a connected person), representing 0.3311%.

Mrs. Whelan now holds the following interests in the Company:

Long Term Incentive Performance RSS Awards – 391,941

(Pursuant to the Rules of the LHL Restricted Share Scheme, the number of shares that will actually vest depends on the satisfaction of certain conditions including employment, performance and time conditions). 

Deferred Annual Bonus RSS Awards – 44,172

(Vesting is subject to time and employment conditions only).

* In accordance with the LHL Restricted Share Scheme rules, in the normal course of events the 2020 Long Term Incentive Performance RSS Awards will vest in 2023 to the extent that the Performance Conditions (measured over a three-year performance period ending 31 December 2022) have been satisfied and provided the Award holder remains employed by a Group Member on the date of vesting.

** In accordance with the LHL Restricted Share Scheme rules, exercise of the 2019 Deferred Annual Bonus RSS Awards may occur over the relevant vested awards at such point as the Award holder selects, up to the 10th anniversary of the date of grant. Subject to the vesting conditions, each Deferred Annual Bonus RSS Award will vest in three equal tranches.  Vested awards may only be exercised in “open periods”. It is anticipated that the first open period following the normal vesting date will commence in February 2021 in the case of the first tranche, in February 2022 in the case of the second tranche, and in February 2023 in the case of the third tranche.

The notification, made in accordance with Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation), is set out below:

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Alex Maloney
2	Reason for the notification
a)	Position/status	Executive Director and Group Chief Executive Officer
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Lancashire Holdings Limited
b)	LEI	5493002UNUYXLHOWF752
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Nil-cost options over Common Shares of US$0.50 each ISIN: BMG5361W1047
b)	Nature of the transaction	Grant of 310,618 RSS awards granted as nil-cost options over common shares of US$0.50 each, of which 260,292 were granted as Long Term Incentive Performance RSS Awards and 50,326 were granted as Deferred Annual Bonus RSS Awards.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 260,292 Nil 50,326
d)	Aggregated information	310,618 NIL
e)	Date of the transaction	2020-02-21
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Elaine Whelan
2	Reason for the notification
a)	Position/status	Executive Director and Group Chief Financial Officer
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Lancashire Holdings Limited
b)	LEI	5493002UNUYXLHOWF752
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Nil-cost options over Common Shares of US$0.50 each ISIN: BMG5361W1047
b)	Nature of the transaction	Grant of 34,557 RSS awards granted as nil-cost options over common shares of US$0.50 each as Deferred Annual Bonus RSS Awards.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 34,557
d)	Aggregated information	34,557 NIL
e)	Date of the transaction	2020-02-21
f)	Place of the transaction	Outside a trading venue

Name of authorised official of issuer for making notification

Christopher Head Company Secretary 24 February 2020

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