Lancashire Holdings Regulatory News (LRE)

13 Apr 2010 18:23

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

1. Name of the issuer 2. State whether the notification

related to (i) a transaction Lancashire Holdings Limited 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) and (ii)

3. Name of the person discharging 4. State whether notification

managerial responsibilities/ relates to a person connected director with a person discharging managerial responsibilities/ (1) Richard Brindle (Executive director named in 3 and identify Director) connected person (2) Simon Burton (Executive N/A Director) (3) Neil McConachie (Executive Director) (4) Greg Lunn (PDMR) (5) Alex Maloney (PDMR)

5. Indicate whether the notification 6. Description of shares (including

is in respect of a holding of the class), debentures or derivatives person referred to in 3 or 4 or financial instruments relating above or in respect of a to shares non-beneficial interest Common shares of US$0.50 each Persons referred to at 3 above.

7. Name of registered shareholder(s) 8. State the nature of the

and, if more than one, the number transaction of shares held by each of them (1) Vesting of Restricted Share (1) Richard Brindle Awards (2) Simon Burton granted over common shares of US$0.50 (3) Neil McConachie each under the Lancashire (4) Greg Lunn Holdings (5) Alex Maloney Limited Restricted Share Scheme (such grant previously notified to the market on 31 March 2008). The number of shares noted is net of applicable tax. (2) Forfeitable common shares of US$0.50 each awarded on 25 March 2010 pursuant to a Lancashire Holdings Limited bonus deferral scheme; such shares will vest two years from the date of award. (assuming the recipient remains employed on the date of vesting.)

9. Number of shares, debentures or 10. Percentage of issued class

financial instruments relating to acquired (treasury shares of the shares acquired class should not be taken into account when calculating (1) Richard Brindle - 51,760 percentage) common (1) Richard Brindle - 0.01661% shares*a (2) Simon Burton - 0.01309% (2) Simon Burton - 22,254 common shares (3) Neil McConachie - 0.01309% (3) Neil McConachie - 22,254 (4) Greg Lunn - 0.00982% common (5) Alex Maloney - 0.00771% shares (4) Greg Lunn - 16,690 common shares (5) Alex Maloney - 23,358 common shares*b *a Of which 23,521 shares represent forfeitable shares awarded on 25 March 2010 pursuant to a bonus deferral scheme; such shares will vest two years from the date of award. *b Of which 10,252 shares represent forfeitable shares awarded on 25 March 2010 pursuant to a bonus deferral scheme; such shares will vest two years from the date of award.

11. Number of shares, debentures or 12. Percentage of issued class

financial instruments relating to disposed (treasury shares of the shares disposed class should not be taken into account when calculating N/A percentage) N/A

13. Price per share or value of 14. Date and place of transaction transaction 28 March 2010 £4.8435 15. Total holding following 16. Date issuer informed of

notification and total percentage transaction holding following notification (any treasury shares should not 9 April 2010 be taken into account when calculating percentage) (1) Richard Brindle (Executive Director) - 815,352 (0.48%) (2) Simon Burton (Executive Director) - 202,254 (0.12%) (3) Neil McConachie (Executive Director) - 261,524 (0.15%) (4) Greg Lunn (PDMR) - disclosure not required. (5) Alex Maloney (PDMR) - disclosure not required.

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 25 March 2010 In accordance with the Restricted Share Scheme adopted by the shareholders on 4 January 2008, vesting will occur on a date after 31 December 2011 when and to the extent that the performance conditions have been met in accordance with the Rules of the Restricted Share Scheme.

19. Total amount paid (if any) for 20. Description of shares or

grant of the option debentures involved (class and number) Nil Restricted Share Awards granted over common shares of US$0.50 each under the Restricted Share Scheme (1) Richard Brindle - 375,000 (2) Simon Burton - 81,250 (3) Neil McConachie - 152,500 (4) Greg Lunn - 68,250 (5) Alex Maloney - 96,250

21. Exercise price (if fixed at time 22. Total number of shares or

of grant) or indication that debentures over which options price is to be fixed at the time held following notification of exercise Total number of Restricted Share Nil Awards granted under the Restricted Share Scheme and held following notification: (1) Richard Brindle - 1,085,626 (2) Simon Burton - 293,066 (3) Neil McConachie - 362,845 (4) Greg Lunn - 184,159 (5) Alex Maloney - 241,927 The actual number of shares to vest is dependent on the Rules of the Scheme including, inter alia, the satisfaction of applicable performance conditions. Total number of options granted under the Long Term Incentive Plan and held following notification: (1) Richard Brindle - 75,000 (2) Simon Burton - 800,000 (3) Neil McConachie - 333,348 (4) Greg Lunn - 181,771 (5) Alex Maloney - 137,500 Total number of time vesting warrants held following notification: (1) Richard Brindle - 7,625,217 (2) Simon Burton - 559,182 (3) Neil McConachie - 770,869 (4) Greg Lunn - 317,717 Total number of performance warrants held following notification: (1) Richard Brindle - 741,964 (2) Simon Burton - 117,478 (3) Neil McConachie - 185,491 (4) Greg Lunn - 83,471 Total number of Founder warrants held following notification: Richard Brindle - 46,260

23. Any additional information 24. Name of contact and telephone

number for queries On 26 March 2010 Alex Maloney exercised for cash 32,087 options Greg Lunn +1 441 278 8953 for cash over the common shares of US$0.50 each awarded under the Company's Long Term Incentive Plan adopted by the Company's shareholders on 7 December 2005 and subsequently amended by the Company's shareholders on 4 January 2008. On the same date he also exercised for cash 397,147 time vesting warrants and 95,064 performance warrants.

Name of authorised official if issuer for making notification

Greg Lunn Company Secretary 13 April 2010

Notes: This form is intended for use by an issuer to make a RIS notification required by DTR 3.1.4

1. An issuer making a notification in respect of a transaction relating to the

shares or debentures of the issuer should complete boxes 1 to 16, 23 and

24.

2. An issuer making a notification in respect of a derivative relating the

shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and

24.

3. An issuer making a notification in respect of options granted to a director

/person discharging managerial responsibilities should complete boxes 1 to

3 and 17 to 24.

4. An issuer making a notification in respect of a financial instrument

relating to the shares of the issuer (other than a debenture) should

complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.