Lancashire Hld Ltd Director/PDMR Shareholding

 
TIDMLRE 
 
Lancashire Holdings Limited 
 
                          (the "Company") or ("LHL") 
 
   Notification and public disclosure of transactions by persons discharging 
     managerial responsibilities and persons closely associated with them 
 
The Company announces that, on 14 March 2017, Restricted Share Awards ("RSS 
awards") were granted as nil-cost options over common shares of US$0.50 each 
under the LHL Restricted Share Scheme as both Long Term Incentive Awards and 
Deferred Annual Bonus Awards to Alex Maloney, Executive Director and Chief 
Executive Officer and Elaine Whelan, Executive Director and Chief Financial 
Officer. 
 
Mr. Maloney was granted 339,881 RSS awards as nil-cost options over the 
Company's common shares of US$0.50 each. Of these RSS awards 286,666 were 
granted as Long Term Incentive Awards* and 53,215 were granted as Deferred 
Annual Bonus Awards**. 
 
Following this transaction, Mr. Maloney continues to have an interest in the 
Company of 513,512 common shares (which includes 100,000 held via a connected 
person), representing 0.2568%. 
 
Mr. Maloney now holds the following interests in the Company: 
 
Long Term Incentive Awards - 833,929 
 
(Pursuant to the Rules of the LHL Restricted Share Scheme, the number of shares 
that will actually vest depends on the satisfaction of certain conditions 
including employment, performance and time conditions). 
 
Deferred Annual Bonus Awards- 147,202 
 
(Vesting is subject to time and employment conditions only). 
 
Mrs. Whelan was granted 216,982 RSS awards as nil-cost options over the 
Company's common shares of US$0.50 each. Of these RSS awards 180,441 were 
granted as Long Term Incentive Awards* and 36,541 were granted as Deferred 
Annual Bonus Awards**. 
 
Following this transaction, Mrs. Whelan continues to have an interest in the 
Company of 524,370 common shares (which includes 11,590 held via a connected 
person), representing 0.2623%. 
 
Mrs. Whelan now holds the following interests in the Company: 
 
Long Term Incentive Awards - 505,694 
 
(Pursuant to the Rules of the LHL Restricted Share Scheme, the number of shares 
that will actually vest depends on the satisfaction of certain conditions 
including employment, performance and time conditions). 
 
Deferred Annual Bonus Awards - 72,126 
 
(Vesting is subject to time and employment conditions only). 
 
* In accordance with the LHL Restricted Share Scheme rules, in the normal 
course of events the 2017 Long Term Incentive Awards will vest in 2020 to the 
extent that the Performance Conditions (measured over a three year performance 
period ending 31 December 2019) have been satisfied and provided the Award 
holder remains employed by a Group Member on the date of vesting. 
 
** In accordance with the LHL Restricted Share Scheme rules, exercise of the 
2016 Deferred Annual Bonus Awards may occur over the relevant vested shares at 
such point as the recipients select, up to the 10th anniversary of the date of 
grant.  Subject to the vesting conditions, each Deferred Annual Bonus Award 
will vest in three equal tranches.  Vested awards may only be exercised in 
"open periods".  It is anticipated that the first open period following the 
normal vesting date of the first tranche will commence in February 2018, in 
February 2019 in the case of the second tranche, and in February 2020 in the 
case of the third tranche. 
 
As noted in the Company's Annual Report and Accounts for 2016 ("2016 Annual 
Report"), for the 2016 year the financial performance element of the annual 
bonus for Executive Directors of Lancashire Holdings Limited was calculated 
using both an absolute Return on Equity ("RoE") and relative RoE component. 
The relative RoE component is measured against peer companies as set out on 
page 76 of the 2016 Annual Report. 
 
As at the date of the approval of the 2016 Annual Report (being 15 February 
2017), all the relevant peer companies had not reported their annual results 
and it was stated that the relative RoE component of the annual bonus was 
provisionally calculated at median performance (being 100 per cent of target 
and 50 per cent of the maximum). Now that all the peer companies have reported, 
the Remuneration Committee can confirm that the performance and related payment 
for the relative RoE component was at the 73rd per centile (based on the growth 
in book value, adjusted for dividends of 13.5%), resulting in an aggregate 
bonus payment for the relative RoE component of US$673,141 to Alex Maloney and 
US$462,224 to Elaine Whelan.  Accordingly, the total annual bonus for 2016 for 
Alex Maloney was US$1,825,627 and for Elaine Whelan was US$1,253,598 of which 
US$456,407 and US$313,400 were paid as Deferred Annual Bonus Awards. 
 
The notification, made in accordance with Article 19 of Regulation (EU) No 596/ 
 2014 of the European Parliament and of the Council of 16 April 2014 on market 
              abuse (Market Abuse Regulation,  is set out below: 
 
 1     Details of the person discharging managerial responsibilities/person closely 
       associated 
 
a)     Name                  Alex Maloney 
 
2      Reason for the notification 
 
a)     Position/status       Executive Director and Group Chief Executive Officer 
 
b)     Initial notification/ Initial notification 
       Amendment 
 
3      Details of the issuer, emission allowance market participant, auction platform, 
       auctioneer or auction monitor 
 
a)     Name                  Lancashire Holdings Limited 
 
b)     LEI                    5493002UNUYXLHOWF752 
 
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    Nil-cost options over Common Shares of US$0.50 each 
       financial instrument, 
       type of instrument    ISIN: BMG5361W1047 
       Identification code 
 
b)     Nature of the         Grant of  339,881 Restricted Share Awards ("RSS awards") granted as nil-cost 
       transaction           options over common shares of US$0.50 each, of which 286,666  were granted as 
                             Long Term Incentive Awards and 53,215 were granted as Deferred Annual Bonus 
                             Awards 
 
c)     Price(s) and volume   Price(s)                                 Volume(s) 
       (s) 
                             Nil                                      286,666 
 
                             Nil                                      53,215 
 
d)     Aggregated 
       information           339,881 
                             NIL 
 
e)     Date of the            2017-03-14 
       transaction 
 
f)     Place of the          Outside a trading venue 
       transaction 
 
 
 
 1     Details of the person discharging managerial responsibilities/person closely 
       associated 
 
a)     Name                  Elaine Whelan 
 
2      Reason for the notification 
 
a)     Position/status       Executive Director and Group Chief Financial Officer 
 
b)     Initial notification/ Initial notification 
       Amendment 
 
3      Details of the issuer, emission allowance market participant, auction platform, 
       auctioneer or auction monitor 
 
a)     Name                  Lancashire Holdings Limited 
 
b)     LEI                    5493002UNUYXLHOWF752 
 
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    Nil-cost options over Common Shares of US$0.50 each 
       financial instrument, 
       type of instrument    ISIN: BMG5361W1047 
       Identification code 
 
b)     Nature of the         Grant of 216,982 Restricted Share Awards ("RSS awards") granted as nil-cost 
       transaction           options over common shares of US$0.50 each, of which 180,441 were granted as 
                             Long Term Incentive Awards and 36,541 were granted as Deferred Annual Bonus 
                             Awards. 
 
c)     Price(s) and volume   Price(s)                                 Volume(s) 
       (s) 
                             Nil                                      180,441 
 
                             Nil                                      36,541 
 
d)     Aggregated 
       information           216,982 
                             NIL 
 
e)     Date of the            2017-03-14 
       transaction 
 
f)     Place of the           Outside a trading venue 
       transaction 
 
Name of authorised official of issuer for making notification 
 
Christopher Head     [phone] 
Company Secretary    [e-mail] 
15 March 2017 
 
 
 
END 
 

(END) Dow Jones Newswires

March 15, 2017 12:15 ET (16:15 GMT)