Director/PDMR Shareholding

RNS Number : 2095I

Direct Line Insurance Group PLC

31 March 2020

 

DIRECT LINE INSURANCE GROUP PLC ("DLG")

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

31 MARCH 2020

In accordance with DLG's remuneration policy, awards under the DLG 2012 Long Term Incentive Plan (the "LTIP") and the DLG Deferred Annual Incentive Plan (the "DAIP") have been granted to PDMRs over ordinary shares of 10 ¹⁰/₁₁ pence each in DLG.   The number of shares awarded under the DAIP and the LTIP is based on the average closing share price over the three trading days prior to the date of grant, equal to £2.62.

While the Remuneration Committee (the "Committee") recognises that the LTIP award has been made during a period of market turbulence due to COVID-19, we believe that this is not specific to DLG and the Committee has determined that the price used to calculate the number of shares awarded is appropriate.

The Committee is mindful that, as the Group typically grants half the annual LTIP award in each of two separate grants in each financial year (following the announcement of the Group's annual and half-year results), there will be a further opportunity to review the appropriateness of the approach taken in the context of further developments later in the year, as well as later during the relevant performance period, to avoid any unacceptable 'windfall' gains. This March grant represents the first half of the 2020 awards, with a second grant scheduled for August/September 2020.  

For further information on DLG's remuneration policy please see our Directors' Remuneration Report which is available at:  www.directlinegroup.co.uk

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	Penny James
2	Reason for the notification
a)	Position/status	Chief Executive 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	(i)  Award of five years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and (ii)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options 305,344 (ii) Nil cost options 153,397
d)	Aggregated information - Aggregated volume - Price	458,741 N/A
e)	Date of the transaction	27 March 2020
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	(i)  Award of five years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and (ii)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options 204,198 (ii) Nil cost options 27,158
d)	Aggregated information - Aggregated volume - Price	231,356 N/A
e)	Date of the transaction	27 March 2020
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Evans
2	Reason for the notification
a)	Position/status	Managing Director of Marketing & Digital/ 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	(i)  Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and (ii)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options 78,721 (ii) Nil cost options 41,958
d)	Aggregated information - Aggregated volume - Price	120,679 N/A
e)	Date of the transaction	27 March 2020
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jonathan Greenwood
2	Reason for the notification
a)	Position/status	​ Managing Director, Commercial/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	(i)  Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and (ii)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options 115,507 (ii) Nil cost options 73,518
d)	Aggregated information - Aggregated volume - Price	189,025 N/A
e)	Date of the transaction	27 March 2020
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Simon Linares
2	Reason for the notification
a)	Position/status	Human Resources 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	(i)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options   74,519
d)	Aggregated information - Aggregated volume - Price	74,519 N/A
e)	Date of the transaction	27 March 2020
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Steve Maddock
2	Reason for the notification
a)	Position/status	Chief Operating 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	(i)  Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and (ii)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options 145,509 (ii) Nil cost options 92,613
d)	Aggregated information - Aggregated volume - Price	238,122 N/A
e)	Date of the transaction	27 March 2020
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Neil Manser
2	Reason for the notification
a)	Position/status	Chief Strategy 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	(i)  Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and (ii)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options 78,721 (ii) Nil cost options 42,381
d)	Aggregated information - Aggregated volume - Price	121,102 N/A
e)	Date of the transaction	27 March 2020
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Gus Park
2	Reason for the notification
a)	Position/status	Managing Director of Motor, Pricing & Underwriting/ 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	(i)  Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and (ii)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options 89,456 (ii) Nil cost options 48,882
d)	Aggregated information - Aggregated volume - Price	138,338 N/A
e)	Date of the transaction	27 March 2020
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Kate Syred
2	Reason for the notification
a)	Position/status	Managing Director of Household, Partnerships & Data/ 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	(i)  Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and (ii)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options 78,721 (ii) Nil cost options 42,482
d)	Aggregated information - Aggregated volume - Price	121,203 N/A
e)	Date of the transaction	27 March 2020
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Humphrey Tomlinson
2	Reason for the notification
a)	Position/status	General Counsel / 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	(iii)  Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and (iv)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options 68,549 (ii) Nil cost options 36,358
d)	Aggregated information - Aggregated volume - Price	104,907 N/A
e)	Date of the transaction	27 March 2020
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jose Vazquez
2	Reason for the notification
a)	Position/status	Chief Risk 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	(v)  Award of three years nil cost options under the Direct Line Insurance Group plc 2012 Long Term Incentive Plan; and (vi)  Award of three years nil cost options under the Direct Line Insurance Group plc Deferred Annual Incentive Plan.
c)	Price(s) and volume(s)	Price Volume (i) Nil cost options 124,029 (ii) Nil cost options 76,968
d)	Aggregated information - Aggregated volume - Price	200,997 N/A
e)	Date of the transaction	27 March 2020
f)	Place of the transaction	Off market

For any enquiries relating to this announcement, please contact: 

Roger Clifton

Company Secretary

Telephone: [phone]

 

END

 

 

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