Direct Line Insurance Group PLC Director/PDMR Shareholding (7170O)
04 October 2019 - 12:30AM
UK Regulatory
TIDMDLG
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 Normal Vesting
awarded 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 Normal Vesting
awarded Date
Royal London Long-Term 10,776 50% on 30 June
Incentive Scheme 2020
2017 25% on 30 June
2021
25% on 30 June
2022
------------------ ----------------
Royal London Long-Term 55,381 50% on 30 June
Incentive Scheme 2021
2018 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 Initial Notification
/Amendment
-------------------------- ----------------------------------------
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 Ordinary shares of 10 (10) /(11) pence
financial instrument, ("Shares")
type of instrument
Identification code
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 356,706
- Price 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 Initial Notification
/Amendment
-------------------------- -----------------------------------------
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 Ordinary shares of 10 (10) /(11) pence
financial instrument, ("Shares")
type of instrument
Identification code
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 66,157
- Price 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: 01651 831911
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END
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