Direct Line Insurance Group PLC

Director's Dealing • Sep 1, 2016

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RNS Number : 7295I

Direct Line Insurance Group PLC

01 September 2016

DIRECT LINE INSURANCE GROUP PLC ("DLG")

TRANSACTIONS IN SHARES BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY ("PDMRs")

1 September 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 30 August 2016, awards to Participants over options to acquire Ordinary Shares at nil-cost under the LTIP, awarded on 28 August 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 30 August 2016, certain PDMRs exercised their options to acquire the Ordinary Shares subject to their vesting Option Awards, as detailed in Column E.  On 31 August 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 30 August 2016	Number of Ordinary Shares sold to settle the tax liability arising from an Option Exercise on 31 August 2016, all at a price of 364.1128p 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	323,069	16,341	130,837	437,565	437,565	206,378	231,187
John Reizenstein	195,541	9,891	79,190	264,840	-	-	-
PDMRs
Jonathan Greenwood	87,675	4,435	35,506	118,746	118,746	56,007	62,739
Steve Maddock	98,834	4,999	40,025	133,860	133,860	63,136	70,724
Humphrey Tomlinson	57,765	2,922	23,393	78,236	78,236	36,901	41,335
Jose Vazquez	107,165	5,421	43,400	145,144	145,144	68,458	76,686
Mike Holliday-Williams	-	-	-	-	-	-	-
Simon Linares	-	-	-	-	-	-	-

On 30 August, Paul Geddes also exercised the following nil cost options from the LTIP and Deferred Annual Incentive Plan ("DAIP") schemes that had vested in March 2016.

	Number of Ordinary Shares subject to an Option Award at vesting	Number of additional Ordinary Shares subject to an Option Award after the calculation of Dividend Equivalents since vesting	Total number of Ordinary Shares subject to an Option Award	Number of Ordinary Shares acquired following an Option Exercise on 30 August 2016	Number of Ordinary Shares sold to settle the tax liability arising from an Option Exercise on 30 August 2016, all at an average price of 363p per share	Number of Ordinary Shares received by PDMR from LTIP exercise after payment of tax
	A	B	C = A+B	C	D	E = C - D
LTIP	458,778	18,132	476,910	476,910	229,434	247,476
DAIP	47,590	1,880	49,470	48,473*	22,953	25,520

*Of the 49,470 shares subject to an Option Award under the DAIP, Paul Geddes exercised Options over and acquired 48,473 shares. The balance of 997 shares remains vested and unexercised.

DLG was also notified on 30 August 2016 of the below sale of Ordinary Shares by a PDMR, in Column A of the below table.  After the vesting and sales, the Directors and PDMRs continue to comply with DLG's Share Ownership Guidelines.

	Number of beneficially owned Ordinary Shares held before the above vestings	Number of Ordinary Shares sold on 30 August 2016, at an average price of 364p per share	Number of Ordinary Shares  Acquired from above LTIP/DAIP exercises	Resulting holding of beneficially owned Ordinary Shares at 1 September 2016	Total interest in Ordinary Shares, including under share plans.
		A
Directors
Paul Geddes	474,255	405,970	504,183	572,468	2,309,903
John Reizenstein	190,031	-	-	190,031	2,139,657
PDMRs
Jonathan Greenwood	82,814	-	62,739	145,553	651,745
Steve Maddock	119,809	-	70,724	190,533	850,880
Humphrey Tomlinson	165,959	-	41,335	207,294	561,153
Jose Vazquez	110,863	-	76,686	187,549	828,444
Mike Holliday-Williams	108,709	-	-	108,709	972,334
Simon Linares	-	-	-	-	349,703

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 Market Abuse Regulation.

For any enquiries relating to this announcement, please contact: 

Sian Hoskins

Assistant Company Secretary

Telephone: 01651 831681

Roger Clifton

Company Secretary

Telephone: 01651 832340

This information is provided by RNS

The company news service from the London Stock Exchange

END

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