Direct Line Insurance Group PLC Director/PDMR Shareholding (1694Y)
December 01 2017 - 8:45AM
UK Regulatory
TIDMDLG
RNS Number : 1694Y
Direct Line Insurance Group PLC
01 December 2017
DIRECT LINE INSURANCE GROUP PLC ("DLG")
TRANSACTIONS IN SHARES BY PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY ("PDMRs")
1 DECEMBER 2017
Following the appointment of Penny James as Chief Financial
Officer-designate on 1 November 2017, awards have been made to Ms
James under the Direct Line Insurance Group plc 2012 Long Term
Incentive Plan (the "LTIP") and the Direct Line Insurance Group plc
Restricted Shares Plan (the "RSP") 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 Ms James under
the LTIP scheme on the same terms as those made to other executive
directors during the year. The award represents the regular 2017
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)
------------------ ---------------------
378,433 28 November 2022
------------------ ---------------------
Ms James has not otherwise been compensated for the loss of her
2017 LTIP award at Prudential plc ("Prudential"), her previous
employer. which was taken into account in making this award.
RSP Awards
In addition, the Remuneration Committee made the following
awards to Ms James to compensate her for remuneration arrangements
forfeited on leaving Prudential.
Scheme Replaced Number of options Normal Vesting
awarded Date
---------------- ------------------ ---------------
a)LTIP 2015 140,298 3 April 2018
---------------- ------------------ ---------------
b)LTIP 2016 656,037 1 April 2019
---------------- ------------------ ---------------
Performance conditions and comparator groups for these awards
will be identical to those set by Prudential, save for in the case
of b), where DLG's TSR performance will replace Prudential's for
the period from 1 November 2017 to 31 December 2018
(post-joining).
Performance will be assessed as soon as possible after the
Normal Vesting Date and following publication by Prudential of the
performance outturn over the performance period (whichever is
later).
All LTIP and RSP awards will accrue dividend equivalent shares
until vesting.
Other buy-out awards
For completeness, Ms James will receive a further award in due
course relating to the forfeiture of a bonus for the 2017 financial
year.
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 Penny James
--- -------------------------- ----------------------------------------
2 Reason for the notification
--- --------------------------------------------------------------------
a) Position/status Chief Financial Officer - designate
/ 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 378,433
------------------ --------
--- -------------------------- ----------------------------------------
d) Aggregated information
- Aggregated volume N/A Single transaction
- Price
--- -------------------------- ----------------------------------------
e) Date of the transaction 28 November 2017
--- -------------------------- ----------------------------------------
f) Place of the transaction The London Stock Exchange (XLON)
--- -------------------------- ----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
--- ------------------------------------------------------------------------
a) Name Penny James
--- -------------------------- --------------------------------------------
2 Reason for the notification
--- ------------------------------------------------------------------------
a) Position/status Chief Financial Officer - designate
/ 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 Awards of nil cost options under the
Direct Line Insurance Group plc Restricted
Shares Plan (the "RSP"). Performance
conditions apply to these awards.
--- -------------------------- --------------------------------------------
c) Price(s) and volume(s) Price Volume
------------------ --------
Nil cost options 796,335
------------------ --------
--- -------------------------- --------------------------------------------
d) Aggregated information
- Aggregated volume N/A Single transaction
- Price
--- -------------------------- --------------------------------------------
e) Date of the transaction 28 November 2017
--- -------------------------- --------------------------------------------
f) Place of the transaction The London Stock Exchange (XLON)
--- -------------------------- --------------------------------------------
For any enquiries relating to this announcement, please
contact:
Simon Watson
Deputy Company Secretary
Telephone: 01651 831911
This information is provided by RNS
The company news service from the London Stock Exchange
END
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