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Direct Line Ins Grp (DLG)

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Tuesday 10 November, 2015

Direct Line Ins Grp

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: 01651 831686

 

Simon Watson

Deputy Company Secretary

Telephone: 01651 831911


This information is provided by RNS
The company news service from the London Stock Exchange
 
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