Last checked at 4 Mar 2020 16:50
4 March 2020
DIRECT LINE INSURANCE GROUP PLC
NOTIFICATION OF SHARE REPURCHASE PROGRAMME
As announced on 3 March, Direct Line Insurance Group plc ("DLG") will commence a share repurchase programme of DLG's ordinary shares of 10 10/11p each (the "Ordinary Shares") up to a maximum consideration of £150 million (the "Programme").
DLG announces that it has entered into a non-discretionary instruction to Morgan Stanley & Co. International Plc ("Morgan Stanley") in relation to the purchase by Morgan Stanley, acting as principal during the period commencing on 5 March 2020 and expected to end by 31 July 2020 (and in any event by no later than 7 August 2020), of ordinary shares in the share capital of DLG (the "Shares") for an aggregate purchase price of no greater than £150 million and the simultaneous on-sale of such Shares by Morgan Stanley to DLG. Morgan Stanley will make its trading decisions in relation to the Ordinary Shares independently of DLG.
Any purchase of Ordinary Shares done in relation to this announcement will be carried out on the London Stock Exchange and other UK recognised investment exchanges, and executed in accordance with the Listing Rules and DLG's general authority to make market purchases of Shares. The shares will be purchased in accordance with the price and volume conditions set out in the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buyback programmes and stabilisation measures. DLG will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. To the extent permitted by law, Ordinary Shares purchased under the Programme will be cancelled.
Contact:
Roger Clifton
Company Secretary
Telephone: +44 (0)1651 831 956
This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.
LEI: 213800FF2R23ALJQOP04