Remuneration Information • Mar 30, 2016
Remuneration Information
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RNS Number : 6132T
Direct Line Insurance Group PLC
30 March 2016
DIRECT LINE INSURANCE GROUP PLC ("DLG")
TRANSACTIONS IN SHARES BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMRs")
30 March 2016
DLG announces the following changes in the interests of Directors and other PDMRs in DLG's ordinary shares of 10 10/11 pence each ("Ordinary Shares").
Direct Line Insurance Group plc 2012 Long-Term Incentive Plan ("LTIP")
On 29 March 2016, awards to Participants over options to acquire Ordinary Shares at nil-cost under the LTIP, awarded on 28 March 2013, (each award an "Option Award"), vested as detailed below (Column D). Under the LTIP Rules, Option Awards vest at the expiry of the Performance Period, subject to the Performance Conditions and the addition of Dividend Equivalents. The proportion of the Option Awards vesting in accordance with the Performance Conditions, measured during the Performance Period, is 96.4%. Awards can be exercised for the period up to 10 years from the date of grant and they continue to accrue Dividend Equivalents up to the date of exercise. At exercise the Company will notify the market of the additional Dividend Equivalents added since vesting.
On 29 March 2016, certain PDMRs exercised their options to acquire the Ordinary Shares subject to their vesting Option Awards, as detailed in Column E. On 30 March 2016 they then sold the number of Ordinary Shares detailed in Column F to settle the tax liability arising from the Exercise.
| Number of Ordinary Shares subject to an Option Award (post the 2015 Share Consolidation) | Number of Ordinary Shares subject to an Option Award deducted after applying Performance Conditions | Number of additional Ordinary Shares subject to an Option Award after the calculation of Dividend Equivalents | Total number of Ordinary Shares subject to an Option Award Vesting | Number of Ordinary Shares acquired following an Option Exercise on 29 March 2016 | Number of Ordinary Shares sold to settle the tax liability arising from an Option Exercise on 30 March 2016, all at a price of 371.9784p per share | Number of Ordinary Shares received by PDMR from LTIP exercise after payment of tax | |
| A | B | C | D = A-B+C | E | F | G = E - F | |
| Directors | |||||||
| Paul Geddes |
345,620 | 12,443 | 125,601 | 458,778 | - | - | - |
| John Reizenstein |
209,190 | 7,531 | 76,020 | 277,679 | - | - | - |
| PDMRs | |||||||
| Jonathan Greenwood |
93,794 | 3,377 | 34,084 | 124,501 | 124,501 | 58,516 | 65,985 |
| Steve Maddock |
105,732 | 3,807 | 38,423 | 140,348 | 140,348 | 65,964 | 74,384 |
| Angela Morrison |
81,854 | 2,947 | 29,745 | 108,652 | - | - | - |
| Humphrey Tomlinson |
72,702 | 2,618 | 26,420 | 96,504 | 96,504 | 45,357 | 51,147 |
| Jose Vazquez |
114,644 | 4,128 | 41,662 | 152,178 | 152,178 | 71,524 | 80,654 |
Direct Line Insurance Group plc 2012 Deferred Annual Incentive Plan ("DAIP")
On 29 March 2016, awards to Participants over options to acquire Ordinary Shares at nil-cost under the DAIP, awarded on 28 March 2013, (each award an "Option Award"), vested as detailed below (Column C). Under the DAIP Rules, Option Awards vest three years after award, with the addition of Dividend Equivalents. Awards can be exercised for the period up to 10 years from the date of grant and they continue to accrue Dividends Equivalents up to the date of exercise. On exercise the Company will notify the market of the additional Dividend Equivalents added since vesting.
On 29 March 2016, certain PDMRs exercised their options to acquire the Ordinary Shares subject to their vesting Option Awards, as detailed in Column D. On 30 March 2016 they then sold the number of Ordinary Shares detailed in Column E to settle the tax liability arising from the Exercise.
| Number of Ordinary Shares subject to an Option Award (post the 2015 Share Consolidation) | Number of additional Ordinary Shares subject to an Option Award after the calculation of Dividend Equivalents | Total number of Ordinary Shares subject to an Option Award Vesting | Number of Ordinary Shares acquired following an Option Exercise on 29 March 2016 | Number of Ordinary Shares sold to settle the tax liability arising from an Option Exercise on 30 March 2016, all at a price of 371.9784p per share | Number of Ordinary Shares received by PDMR from LTIP exercise after payment of tax | |
| A | B | C = A +B | D | E | F = D - E | |
| Directors | ||||||
| Paul Geddes |
34,562 | 13,028 | 47,590 | - | - | - |
| John Reizenstein |
62,756 | 23,657 | 86,413 | - | - | - |
| PDMRs | ||||||
| Jonathan Greenwood |
38,256 | 14,421 | 52,677 | 52,677 | 24,759 | 27,918 |
| Steve Maddock |
49,732 | 18,747 | 68,479 | 68,479 | 32,186 | 36,293 |
| Angela Morrison |
22,953 | 8,652 | 31,605 | - | - | - |
| Humphrey Tomlinson |
22,953 | 8,652 | 31,605 | 31,605 | 14,855 | 16,750 |
| Jose Vazquez |
38,256 | 14,421 | 52,677 | 52,677 | 24,759 | 27,918 |
On 29 March 2016 Jon Greenwood also exercised nil cost options over 23,571 Ordinary Shares awarded on 7 November 2012 under the LTIP. These options include 1,127 Dividend Equivalent Options that have accrued, as per the LTIP Rules, since the 7 November 2012 award vested on 9 November 2015. He sold 11,340 of the resulting shares at a price of 370.876p per share to meet the tax liability arising from the options exercise. He retained the remaining 12,231 shares.
DLG was also notified on 30 March 2016 of the below sales of Ordinary Shares by PDMRs, in Column A of the below table. After the vesting and sales, the below Directors and PDMRs all meet DLG's Share Ownership Guidelines.
| Number of beneficially owned Ordinary Shares held before the above vestings |
Number of Ordinary Shares having been acquired after above exercises on 29 March 2016, sold on 30 March 2016, at a price of 371.9784p per share | Resulting holding of beneficially owned Ordinary Shares at 30 March 2016 * | Total interest in Ordinary Shares, including under share plans. | |
| A | ||||
| Directors | ||||
| Paul Geddes | 474,255 | - | 474,255 | 2,824,400 |
| John Reizenstein |
183,575 | - | 183,575 | 1,894,929 |
| PDMRs | ||||
| Jonathan Greenwood |
70,269 | 93,903 | 82,500 | 613,753 |
| Steve Maddock |
106,418 | 102,677 | 114,418 | 790,114 |
| Angela Morrison |
84,079 | - | 84,079 | 685,521 |
| Humphrey Tomlinson |
165,748 | 67,897 | 165,748 | 531,656 |
| Jose Vazquez |
110,863 | 108,572 | 110,863 | 776,396 |
* Jon Greenwood and Steve Maddock's beneficially owned shareholdings have increased by 12,231 and 8,000 Ordinary Shares respectively as they have retained shares post the above exercises and sales.
For further information on DLG's remuneration policy and the implementation of the policy please see our 2015 Directors' Remuneration Report which is available at: www.directlinegroup.com.
This announcement is made in accordance with the requirements of DTR 3.1.4 R.
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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