Last checked at 3 Oct 2019 15:30
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 awarded | Normal Vesting 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 awarded | Normal Vesting Date |
Royal London Long-Term Incentive Scheme 2017 | 10,776 | 50% on 30 June 2020 25% on 30 June 2021 25% on 30 June 2022 |
Royal London Long-Term Incentive Scheme 2018 | 55,381 | 50% on 30 June 2021 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 /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
| 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)
|
| ||||||
d)
| Aggregated information - Aggregated volume - Price |
356,706 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 /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
| 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)
|
| ||||||||
d)
| Aggregated information - Aggregated volume - Price
|
66,157 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