Direct Line Insurance Group PLC Director/PDMR Shareholding (7170O)

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: [phone]

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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October 03, 2019 10:30 ET (14:30 GMT)