Last checked at 16 Mar 2009 12:22
Catlin Group Limited
16 March 2009
CATLIN GROUP LIMITED (the "Company")
DIRECTORS' AND PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES' SHAREHOLDINGS
On 13 March 2009, the Company was notified that, pursuant to the anti dilution provisions of the rules of the Company's share schemes, adjustments have been made to awards outstanding thereunder to take account of the variation of the Company's share capital arising from the rights issue announced on 12 February 2009 ("Rights Issue").
The adjustments operate to mitigate the dilution from the Rights Issue that would otherwise occur. The adjustments to the options and awards held by the Directors of the Company and persons discharging managerial responsibility in the Company ("PDMR") are set out below.
The following adjustments were made to options granted under the Company's Long Term Incentive Plan:
| Director/PDMR | Number of options before adjustment | Number of options following adjustment | Exercise Price before adjustment | Exercise Price following adjustment |
| Stephen Catlin | 2,568,256 | 2,940,256 | US$5 | US$4.37 |
| Christopher Stooke | 128,412 | 147,016 | US$5 | US$4.37 |
| Christopher Stooke | 64,206 | 73,506 | £3.50 | £3.06 |
| Paul Brand | 642,064 | 735,092 | US$5 | US$4.37 |
| Paul Jardine | 428,228 | 490,272 | US$5 | US$4.37 |
The following adjustments were made to awards granted under the Company's Performance Share Plan ("PSP"):
| Director/PDMR | PSP Award | Number of shares under PSP options/award before adjustment | Number of shares under PSP options / award following adjustment |
| Stephen Catlin | 2005 Award | 65,706 | 24,071 |
| Stephen Catlin | 2006 Award | 198,152 | 226,862 |
| Stephen Catlin | 2007 Award | 191,176 | 218,874 |
| Stephen Catlin | 2008 Award | 243,598 | 278,892 |
| Stephen Catlin | 2009 Award | 246,835 | 282,598 |
| Christopher Stooke | 2005 Award | 47,550 | 17,420 |
| Christopher Stooke | 2006 Award | 140,082 | 160,378 |
| Christopher Stooke | 2007 Award | 117,647 | 134,692 |
| Christopher Stooke | 2008 Award | 149,906 | 171,624 |
| Christopher Stooke | 2009 Award | 151,898 | 173,906 |
| Paul Brand | 2005 Award | 47,550 | 17,420 |
| Paul Brand | 2006 Award | 140,082 | 160,378 |
| Paul Brand | 2007 Award | 147,059 | 168,365 |
| Paul Brand | 2008 Award | 187,383 | 214,532 |
| Paul Brand | 2009 Award | 189,873 | 217,383 |
| Paul Jardine | 2005 Award | 47,686 | 17,575 |
| Paul Jardine | 2006 Award | 140,082 | 160,378 |
| Paul Jardine | 2007 Award | 117,647 | 134,692 |
| Paul Jardine | 2008 Award | 149,906 | 171,624 |
| Paul Jardine | 2009 Award | 151,898 | 173,906 |
| Richard Banas | 2006 Award | 108,206 | 123,882 |
| Richard Banas | 2007 Award | 87,566 | 100,252 |
| Richard Banas | 2008 Award | 141,628 | 162,148 |
| Richard Banas | 2009 Award | 196,205 | 224,632 |
* The PSP awards have a nil exercise price.
*The 2005 PSP figure reflects the 32% vesting level of the 2005 PSP in accordance with the performance conditions of the PSP.
The Company has also been notified that on 13 March 2009, upon vesting of an award granted in 2006 under the PSP, the following PDMR has acquired Common Shares in Catlin Group Limited:
| Name | Number of PSP Allocations vested | Shares issued | Date of vesting | Date of Notification |
| Richard Banas
| 61,941 | 61,941 | 13.03.09 | 13.03.09 |
Date and Place of Transaction:
13 March 2009, London
This announcement is made in accordance with Disclosure and Transparency Rule 3.1.4.R(1)(a