29 Nov 2011 16:51

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons
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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  |
3.  | Name of the person discharging managerial responsibilities/director    Neil McConachie (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  |
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  |
7.  | Name of registered shareholder(s) and, if more than one, the number of shares held by each of them  Neil McConachie  | 8. | State the nature of the transaction  (1) Sale of 35,000 shares (2) Sale of 100,000 shares (3) Cashless exercise of 50,000 LTIP options (4) Sale of 71,406 shares    |
9.  | Number of shares, debentures or financial instruments relating to shares acquired  41,640 (transaction 3 only) | 10. | Percentage of issued class acquired (treasury shares of the class should not be taken into account when calculating percentage)  0.0264 (transaction 3 only) |
11.  | Number of shares, debentures or financial instruments relating to shares disposed   206,406 shares (transactions 1,2&4 only)   | 12. | Percentage of issued class disposed (treasury shares of the class should not be taken into account when calculating percentage)  0.1309% (transactions 1,2&4 only)  |
13.  | Price per share or value of transaction   (1) 35,000 at £6.99 per share (2) 100,000 at £6.84 per share (3) N/A (4) 71,406 at £6.97 per share    | 14. | Date and place of transaction  (1) 24 November 2011 - London, England (2) 25 November 2011 - London, England (3) 28 November 2011 - London, England (4) 28 November 2011 - London, England  |
15.  | Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)  41,640 (0.0264) | 16. | Date issuer informed of transactions    28 November 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  |
19. | Total amount paid (if any) for grant of the option  | 20. | Description of shares or debentures involved (class and number)  |
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 |
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23. | Any additional information  In addition to the securities noted in question 15 above, Neil McConachie also holds the following interests in the Company:  Restricted Share Scheme Awards Bonus Deferral Plan- 113,415 (subject to time and employment conditions only) Restricted Share Scheme Awards- 523,807* Long Term Incentive Plan - 0 *Pursuant to the Rules of the Restricted Share Scheme, the number of shares that will actually vest depends on the satisfaction of certain conditions including employment, performance and time conditions. *\* The sale of shares is part of Mr. McConachie's tax planning as publicly advised during the Company's Q3 2011 Earnings call held on 4 November 2011. | 24. | Name of contact and telephone number for queries   Jonny Creagh-Coen + 44 (0) 207 264 4066   |
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Name of authorised official if issuer making notification  Christopher Head Assistant Company Secretary 29 November 2011  |
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