Director/PDMR Shareholding

RNS Number : 2593F

Direct Line Insurance Group PLC

10 November 2015

 



DIRECT LINE INSURANCE GROUP PLC ("DLG")

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

10 November 2015

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 9 November 2015, awards to Participants over options to acquire Ordinary Shares at nil-cost under the LTIP, awarded on 7 November 2012, (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 89.2%.    

On the same day, certain Directors and other PDMRs also exercised their options to acquire some or all of the Ordinary Shares subject to their vesting Option Awards, as detailed in Column E.  On 10 November 2015 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 9 November 2015	Number of Ordinary Shares sold to settle the tax liability arising from an Option Exercise on 10 November 2015, all at a price of 394.6789p 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	355,895	38,437	115,315	432,773	432,773	203,404	229,369
John Reizenstein	215,410	23,265	69,796	261,941	-	-	-
PDMRs
Jonathan Greenwood	96,582	10,431	31,293	117,444	95,000	44,650	50,350
Steve Maddock	108,875	11,759	35,277	132,393	132,393	62,444	69,949
Angela Morrison	67,430	7,283	21,848	81,995	81,995	38,539	43,456
Humphrey Tomlinson	74,864	8,086	24,256	91,034	91,034	42,786	48,248
Jose Vazquez	138,886	15,000	45,000	168,886	168,886	79,377	89,509

DLG was also notified on 9 and 10 November 2015 of the below sales of Ordinary Shares by Directors and other PDMRs and their connected persons, in Columns D and E of the below table.  The table as a whole shows that, after the sales, the below Directors and PDMRs have all increased their beneficial holdings of Ordinary Shares across the year to date.  After the vesting and sales, the below Directors and PDMRs all meet DLG's Share Ownership Guidelines.

	Number of Ordinary Shares held at 31 December 2014*	Number of Ordinary Shares acquired so far in 2015 before sales of shares to meet any tax liability**	Number of Ordinary Shares acquired so far in 2015 after sales of shares to meet tax liability**	Number of LTIP Ordinary Shares having been acquired after LTIP exercises on 9 November 2015, sold on 10 November 2015, at a price of 394.6789p per share	Number of 'own name' Ordinary Shares sold on 9 November 2015****	Number of  Ordinary Shares sold on 9 and 10 November 2015	Resulting holding of Ordinary Shares at 10 November 2015*	Increase in Ordinary Shares held - year to date
	A	B	C	D	E	F = D+E	G= A+C-F	G-A
Directors
Paul Geddes	248,849	1,145,698	610,274	229,369	155,630	384,999	474,124	225,275
John Reizenstein	89,231	163,699	94,061	-	-	-	183,292	94,061
PDMRs
Jonathan Greenwood	17,898	192,481	102,437	50,350	-	50,350	69,985	52,087
Steve Maddock	37,415	256,937	136,719	-***	68,000	68,000	106,134	68,719
Angela Morrison	16,113	147,824	79,108	11,461***	-	11,461	83,760	67,647
Humphrey Tomlinson	132,488	171,976	91,225	48,248	10,000	58,248	165,465	32,977
Jose Vazquez	51,253	289,488	153,988	89,509	5,000	94,509	110,732	59,479

The share holdings on 31 December 2014 in Column A and acquisitions during the year that occurred before June 2015 (contained in Columns B and C) have been adjusted for the 11 for 12 share consolidation in June 2015.

*Only beneficially owned Ordinary Shares (and those held by spouses) and BAYE Partnership Shares have been included. All other interests in Ordinary Shares under DLG's employee share schemes have not been included.

**These include acquisitions of Ordinary Shares under DLG's Deferred Annual Incentive Plan, LTIP and the RBS LTIP, purchases of Partnership Shares under the BAYE and dividend re-investment shares. None of the after tax Ordinary Shares acquired have been sold, except those disclosed in Columns D and E.

***  Of the Ordinary Shares acquired as a result of their Option Exercises, Steve Maddock retained all 69,949 and Angela Morrison retained 31,995 and sold 11,461 Ordinary Shares.

**** Paul Geddes sold the above 155,630 Ordinary Shares at a price of 395.4399p per share. Steve Maddock sold 68,000 Ordinary Shares at a price of 398.2p per share. Humphrey Tomlinson sold 5,000 Ordinary Shares at a price of 396.33p per share and his interest in Ordinary Shares decreased by a further 5,000 as his spouse sold 5,000 Ordinary Shares at a price of 396.56p per share. Jose Vazquez's interest in Ordinary Shares decreased by 5,000 as his spouse sold 5,000 Ordinary Shares at a price of 398.296p per share. 

For further information on DLG's remuneration policy and implementation of the policy please see our 2014 Directors' Remuneration Report which is available at:  www.directlinegroup.com.

This announcement is made in accordance with the requirements of DTR 3.1.4 R.

For any enquiries relating to this announcement, please contact: 

Jennifer Thomas

Head of Financial Communications

Group Media Relations

Telephone: [phone]

Simon Watson

Deputy Company Secretary

Telephone: [phone]

 

END

 

 

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