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Last checked at 
1 Mar 2011 07:00
Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons
1.
| Name of the issuer
Lancashire Holdings Limited (the "Company") | 2. | State whether the notification related to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made 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
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3.
| Name of the person discharging managerial responsibilities/director
Robert Spass (Non-Executive Director) | 4. | State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify connected person
N/A
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5.
| Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest
Person referred to at 3 above.
| 6. | Description of shares (including class), debentures or derivatives or financial instruments relating to shares
Common shares of US$0.50 each
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7.
| Name of registered shareholder(s) and, if more than one, the number of shares held by each of them
Robert Spass
| 8. | State the nature of the transaction
Cashless exercise of 465,000 founder warrants on 23 February 2011 (with exercise price of $5.00 per share) resulting in acquisition of 227,052 shares, of which 152,000 were sold
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9.
| Number of shares, debentures or financial instruments relating to shares acquired
227,052
| 10. | Percentage of issued class acquired (treasury shares of the class should not be taken into account when calculating percentage)
0.1480% |
11.
| Number of shares, debentures or financial instruments relating to shares disposed
152,000
| 12. | Percentage of issued class disposed (treasury shares of the class should not be taken into account when calculating percentage)
0.0991%
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13.
| Price per share or value of transaction
$9.52 per share
| 14. | Date and place of transaction
25 February 2011 - London, England
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15.
| Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
75,052 (0.0489%)
| 16. | Date issuer informed of transactions
25 February 2011
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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
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19. | Total amount paid (if any) for grant of the option
| 20. | Description of shares or debentures involved (class and number)
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21. | Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
| 22. | Total number of shares or debentures over which options held following notification |
23. | Any additional information
In addition to the securities noted in question 15 above, Robert Spass also holds the following interests in the Company:
Founder warrants - 1,084,135
| 24. | Name of contact and telephone number for queries
Christopher Head + 44 (0) 207 264 4145
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Name of authorised official if issuer making notification
Christopher Head Assistant Company Secretary 28 February 2011
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