Director/PDMR Shareholding

RNS Number : 7170O

Direct Line Insurance Group PLC

03 October 2019

 

DIRECT LINE INSURANCE GROUP PLC ("DLG")

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

3 OCTOBER 2019

Following the appointment of Tim Harris as Chief Financial Officer on 1 October 2019, awards have been made to Mr Harris under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan (the "LTIP") and a Restricted Share Award pursuant to Listing Rule 9.4.2 ("RSA") over ordinary shares of 10 ¹⁰/₁₁ pence each in DLG. All remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in May 2017.

LTIP Awards

The Remuneration Committee has made an award to Mr Harris under the LTIP scheme on the same terms as those made to other executive directors during the year. The award represents the regular 2019 award, has a total face value of 200% of annual base salary and is subject to the same performance conditions as awards made to DLG's PDMRs earlier in the year (except that Total Shareholder Return ("TSR") will be measured over the three years commencing on the date of grant).  The options awarded have a nil cost option price.

Number of options awarded	Normal Vesting Date (inclusive of two year holding period)
356,706	1 October 2024

RSA

In addition, the Remuneration Committee made the following awards to Mr Harris to compensate him for remuneration arrangements forfeited on leaving his formal employer, The Royal London Mutual Insurance Society Limited. Performance conditions do not apply to these awards.

Scheme Replaced	Number of options awarded	Normal Vesting Date
Royal London Long-Term Incentive Scheme 2017	10,776	50% on 30 June 2020 25% on 30 June 2021 25% on 30 June 2022
Royal London Long-Term Incentive Scheme 2018	55,381	50% on 30 June 2021 25% on 30 June 2022 25% on 30 June 2023

All LTIP and RSA awards will accrue dividend equivalent shares until vesting.

The following disclosures are made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Tim Harris
2	Reason for the notification
a)	Position/status	Chief Financial Officer/ PDMR
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Direct Line Insurance Group plc
b)	LEI	213800FF2R23ALJQOP04
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	Ordinary shares of 10 10/11 pence ("Shares") GB00BY9D0Y18
b)	Nature of the transaction	Award of five year nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan (the "LTIP").
c)	Price(s) and volume(s)	Price Volume Nil cost options 356,706
d)	Aggregated information - Aggregated volume - Price	356,706 N/A
e)	Date of the transaction	1 October 2019
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Tim Harris
2	Reason for the notification
a)	Position/status	Chief Financial Officer/ PDMR
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Direct Line Insurance Group plc
b)	LEI	213800FF2R23ALJQOP04
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	Ordinary shares of 10 10/11 pence ("Shares") GB00BY9D0Y18
b)	Nature of the transaction	Nil cost option restricted share award pursuant to Listing Rule 9.4.2 ("RSA"). Performance conditions do not apply to these awards.
c)	Price(s) and volume(s)	Price Volume Nil cost options 10,776 Nil cost options 55,381
d)	Aggregated information - Aggregated volume - Price	66,157 N/A
e)	Date of the transaction	1 October 2019
f)	Place of the transaction	Off market

For any enquiries relating to this announcement, please contact: 

Simon Watson

Deputy Company Secretary

Telephone: [phone]

 

END

 

 

DSHXXLFBKBFEFBL