Director/PDMR Shareholding

7 Jul 2010 07:00

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

1. Name of the issuer 2. State whether the notification

related to (i) a transaction Lancashire Holdings Limited notified in accordance with DTR 3.1.2 R, (ii) a disclosure made (the "Company") in accordance with LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006) (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance with LR 9.8.6R(1)

3. Name of the person discharging 4. State whether notification

managerial responsibilities/ relates to a person connected director with a person discharging managerial responsibilities/ Barry Volpert director named in 3 and identify connected person Crestview, L.L.C.

5. Indicate whether the notification 6. Description of shares (including

is in respect of a holding of the class), debentures or derivatives person referred to in 3 or 4 or financial instruments relating above or in respect of a to shares non-beneficial interest Common shares of US$0.50 each Connected Person referred to at 4 above

7. Name of registered shareholder(s) 8. State the nature of the

and, if more than one, the number transaction of shares held by each of them Sale of 4,429,120 common shares Crestview Partners LP - 2,771,194 of US$0.50 each common shares Crestview Offshore Holdings (Cayman) LP - 741,712 common shares Crestview Partners (PF) LP - 491,890 common shares Crestview Partners (ERISA) LP - 228,482 common shares Crestview Holdings (TE) LP - 195,842 common shares

9. Number of shares, debentures or 10. Percentage of issued class

financial instruments relating to acquired (treasury shares of the shares acquired class should not be taken into account when calculating N/A percentage) N/A

11. Number of shares, debentures or 12. Percentage of issued class

financial instruments relating to disposed (treasury shares of the shares disposed class should not be taken into account when calculating Crestview Partners LP - 2,771,194 percentage) Crestview Offshore Holdings 2.837% (Cayman) LP - 741,712 Crestview Partners (PF) LP - 491,890 Crestview Partners (ERISA) LP - 228,482 Crestview Holdings (TE) LP - 195,842

13. Price per share or value of 14. Date and place of transaction

transaction 28 June 2010 - London England 28 June 2010 - £5.012 per share 30 June 2010 - London England 30 June 2010 - £4.975 per share 01 July 2010 - London England 01 July 2010 - £4.968 per share 02 July 2010 - London England 02 July 2010 - £4.916 per share

15. Total holding following 16. Date issuer informed of

notification and total percentage transactions holding following notification (any treasury shares should not 06 July 2010 be taken into account when calculating percentage) Crestview Partners LP - 0 common shares; 740,301 Founder warrants (0.474%) Crestview Offshore Holdings (Cayman) LP - 0 common shares; 198,109 Founder warrants (0.127%) Crestview Partners (PF) LP - 0 common shares; 131,408 Founder warrants (0.084%) Crestview Partners (ERISA) LP - 0 common shares; 61,002 Founder warrants (0.039%) Crestview Holdings (TE) LP - 0 common shares; 52,360 Founder warrants (0.034%)

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17. Date of grant 18. Period during which or date on which exercisable N/A N/A

19. Total amount paid (if any) for 20. Description of shares or

grant of the option debentures involved (class and number) N/A N/A

21. Exercise price (if fixed at time 22. Total number of shares or

of grant) or indication that debentures over which options price is to be fixed at the time held following notification of exercise N/A N/A

23. Any additional information 24. Name of contact and telephone

number for queries The total number of common shares in issue with voting rights Greg Lunn +1 441 278 8953 (excluding shares held in treasury) used for the above calculations post transaction was 156,060,146 as disclosed by the Company on 06 July 2010

Name of authorised official if issuer making notification

Greg Lunn Company Secretary 7 July 2010