Director/PDMR Shareholding

Released : 29.03.2017 16:15

RNS Number : 9312A
Direct Line Insurance Group PLC
29 March 2017
 

DIRECT LINE INSURANCE GROUP PLC ("DLG")

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

29 March 2017

 

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 27 March 2017, awards to Participants over options to acquire Ordinary Shares at nil-cost under the LTIP, awarded on 26 March 2014, (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 85.6%.  Awards can be exercised for the period up to 10 years from the date of grant and dividends are accrued up to the date of vesting.  

 

On 27 March 2017, certain PDMRs exercised their options to acquire the Ordinary Shares subject to their vesting Option Awards, as detailed in Column E.  On 27 March 2017 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 27 March 2017

Number of Ordinary Shares sold to settle the tax liability arising from an Option Exercise on 27 March 2017, all at a price of 334.12p 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

286,261

55,826

101,415

331,850

331,850

156,518

175,332

Mike Holliday-Williams

-

-

-

-

-

-

-

John

Reizenstein

173,263

33,789

61,382

200,856

200,856

94,734

106,122

PDMRs

 

 

 

 

 

 

 

Jonathan

Greenwood

77,685

15,150

27,521

90,056

90,056

42,326

47,730

Steve

Maddock

100,709

19,640

35,678

116,747

116,747

54,871

61,876

Humphrey

Tomlinson

51,183

9,982

18,132

59,333

59,333

27,887

31,446

Jose

Vazquez

94,955

18,518

33,639

110,076

110,076

51,736

58,340

Simon Linares

-

-

-

-

-

-

 

 

 

Direct Line Insurance Group plc 2012 Deferred Annual Incentive Plan ("DAIP")

 

On 27 March 2017, awards to Participants over options to acquire Ordinary Shares at nil-cost under the DAIP, awarded on 26 March 2014, (each award an "Option Award"), vested as detailed below (Column C).   Under the DAIP Rules, Option Awards vest three years after award, with the addition of Dividend Equivalents.  Awards can be exercised for the period up to 10 years from the date of grant and dividends are accrued up to the date of vesting.

 

On 27 March 2017, certain PDMRs exercised their options to acquire the Ordinary Shares subject to their vesting Option Awards, as detailed in Column D.  They then sold the number of Ordinary Shares detailed in Column E 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 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 27 March 2017

Number of Ordinary Shares sold to settle the tax liability arising from an Option Exercise on 27 March 2017, all at a price of 334.12p per share

Number of Ordinary Shares received by PDMR from LTIP exercise after payment of tax

 

A

B

C = A +B

D

E

F = D - E

Directors 

 

 

 

 

 

 

Paul

Geddes

125,804

44,568

170,372

170,372

81,964*

88,408

Mike Holliday-Williams

-

-

-

-

-

-

John

Reizenstein

62,525

22,150

84,675

84,675

39,938

44,737

PDMRs

 

 

 

 

 

 

Jonathan

Greenwood

41,432

14,678

56,110

56,110

26,372

29,738

Steve

Maddock

49,719

17,613

67,332

67,332

31,646

 

35,686

Humphrey

Tomlinson

22,599

8,005

30,604

30,604

14,384

16,220

Jose

Vazquez

37,665

13,343

51,008

51,008

23,974

27,034

Simon Linares

-

-

-

-

-

-

 

 

* The 81,964 shares sold to settle the tax liability arising from the Option Exercise for Paul Geddes were sold at a price of 334.34p per share.

 

DLG was also notified on 27 and 28 March 2017 of the below sales of Ordinary Shares by PDMRs, in Column A of the below table.  After the vesting and sales, the below Directors and PDMRs all meet DLG's Share Ownership Guidelines.

 

 

Number of

beneficially owned

Ordinary Shares held before the above vestings

Shares acquired from above vestings

Number of Ordinary Shares sold on 27 March 2017, at a price of 334.12p* per share

Resulting holding of beneficially owned Ordinary Shares at 29 March 2017

Total interest in Ordinary Shares, including under share plans. 

 

 

 

A

 

 

Directors

 

 

 

 

 

Paul Geddes

 

572,468

263,740

-

836,208

2,468,690

Mike Holliday-Williams

112,989

-

-

112,989

1,182,502

John

Reizenstein

215,800

150,859

-

366,659

2,286,479

PDMRs

 

 

 

 

 

Jonathan

Greenwood

146,566

77,468

105,906

118,128 

621,509

Steve

Maddock

194,266

97,562

146,106

145,722

816,877

Humphrey

Tomlinson

207,634

 

47,666

148,270

107,030

452,651

Jose

Vazquez

187,549

 

85,374

147,923

125,000

778,341

Simon Linares

299

-

-

299

463,747

 

*For Jonathan Greenwood, of the 105,906 shares sold, 28,438 were sold at a price of 335.74p per share. For Steve Maddock, of the 146,106 shares sold, 48,544 were sold at 3.33p per share. For Humphrey Tomlinson, of the 148,270 shares sold, 100,604 shares were sold at a price of 334.50p per share. For Jose Vazquez, of the 147,923 shares sold, 62,549 were sold at a price of 335.25p per share.

 

For further information on DLG's remuneration policy and the implementation of the policy please see our 2016 Directors' Remuneration Report which is available at:  www.directlinegroup.com.

 

 

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

 

 

Paul Geddes

 

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)         Acquisition of Shares pursuant to the vesting of nil cost options under the DLG Long Term Incentive Plan (the "LTIP") and Deferred Annual Incentive Plan (the "DAIP"); and

(ii)         Sale of Shares to settle tax liabilities arising from LTIP and DAIP vestings.

 

c)

 

Price(s) and volume(s)

 

 

 

Price (s)

Volume (s)

(i) Nil

LTIP -  331,850

DAIP - 170,372

(ii) LTIP - £3.3412

     DAIP - £3.3434

LTIP - 156,518

DAIP - 81,964

 

d)

 

Aggregated information

 

 

- Aggregated volume

 

 

- Price

 

 

 

 

 

238,482

 

 

£3.3420

e)

 

Date of the transaction

 

 

27 March 2017

f)

 

Place of the transaction

 

 

The London Stock Exchange (XLON)

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

John Reizenstein

 

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)         Acquisition of Shares pursuant to the vesting of nil cost options under the DLG Long Term Incentive Plan (the "LTIP") and Deferred Annual Incentive Plan (the "DAIP"); and

(ii)         Sale of Shares to settle tax liabilities arising from LTIP and DAIP vestings.

 

c)

 

Price(s) and volume(s)

 

 

Price (s)

Volume (s)

(i) Nil

LTIP -  200,856

DAIP - 84,675

(ii) £3.3412

LTIP - 94,734

DAIP - 39,938

 

 

d)

 

Aggregated information

 

 

- Aggregated volume

 

 

- Price

 

 

 

 

 

134,672

 

 

£3.3412

e)

 

Date of the transaction

 

 

27 March 2017

f)

 

Place of the transaction

 

 

The London Stock Exchange (XLON)

 

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)         Acquisition of Shares pursuant to the vesting of nil cost options under the DLG Long Term Incentive Plan (the "LTIP") and Deferred Annual Incentive Plan (the "DAIP");

(ii)         Sale of Shares to settle tax liabilities arising from LTIP and DAIP vestings; and

(iii)        Sale of Shares. 

 

c)

 

Price(s) and volume(s)

 

 

 

Price (s)

Volume (s)

(i) Nil

LTIP -  90,056

DAIP - 56,110

(ii) £3.3412

LTIP - 42,326

DAIP - 26,372

(iii) £3.3412

      £3.3574

77,468

28,438

 

d)

 

Aggregated information

 

 

- Aggregated volume

 

 

- Price

 

 

 

 

 

174,604

 

 

£3.3438

e)

 

Date of the transaction

 

 

27 March 2017

f)

 

Place of the transaction

 

 

The London Stock Exchange (XLON)

 

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)         Acquisition of Shares pursuant to the vesting of nil cost options under the DLG Long Term Incentive Plan (the "LTIP") and the DLG Deferred Annual Incentive Plan (the "DAIP");

(ii)         Sale of Shares to settle tax liabilities arising from LTIP and DAIP vestings; and

(iii)        Sale of Shares. 

 

c)

 

Price(s) and volume(s)

 

 

 

Price (s)

Volume (s)

(i) Nil

LTIP -  116,747

DAIP - 67,332

(ii) £3.3412

LTIP - 54,871

DAIP - 31,646

(iii) £3.3412

      £3.33

97,562

48,544

 

d)

 

Aggregated information

 

 

- Aggregated volume

 

 

- Price

 

 

 

 

 

232,623

 

 

£3.3389

e)

 

Date of the transaction

 

 

27 March 2017

f)

 

Place of the transaction

 

 

The London Stock Exchange (XLON)

 

 

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

 

 

(i)         Acquisition of Shares pursuant to the vesting of nil cost options under the DLG Long Term Incentive Plan (the "LTIP") and the DLG Deferred Annual Incentive Plan (the "DAIP");

(ii)         Sale of Shares to settle tax liabilities arising from LTIP and DAIP vestings; and

(iii)        Sale of Shares. 

 

c)

 

Price(s) and volume(s)

 

 

 

Price (s)

Volume (s)

(i) Nil

LTIP -  59,333

DAIP - 30,604

(ii) £3.3412

LTIP - 27,887

DAIP - 14,384

(iii) £3.3412

      £3.3450

47,666

100,604

 

d)

 

Aggregated information

 

 

- Aggregated volume

 

 

- Price

 

 

 

 

 

190,541

 

 

£3.3432

e)

 

Date of the transaction

 

 

27 March 2017

f)

 

Place of the transaction

 

 

The London Stock Exchange (XLON)

 

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

 

 

(i)         Acquisition of Shares pursuant to the vesting of nil cost options under the DLG Long Term Incentive Plan (the "LTIP") and the DLG Deferred Annual Incentive Plan (the "DAIP");

(ii)         Sale of Shares to settle tax liabilities arising from LTIP and DAIP vestings; and

(iii)        Sale of Shares. 

 

c)

 

Price(s) and volume(s)

 

 

 

Price (s)

Volume (s)

(i) Nil

LTIP -  110,076

DAIP - 51,008

(ii) £3.3412

LTIP - 51,736

DAIP - 23,974

(iii) £3.3412

      £3.3525

85,374

62,549

 

d)

 

Aggregated information

 

 

- Aggregated volume

 

 

- Price

 

 

 

 

 

223,633

 

 

£3.3444

e)

 

Date of the transaction

 

 

27 March 2017

f)

 

Place of the transaction

 

 

The London Stock Exchange (XLON)

 

 

For any enquiries relating to this announcement, please contact: 

 

Simon Watson

Deputy Company Secretary

Telephone: 01651 831911

 


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