REG-Lancashire Hld Ltd: Director/PDMR Shareholding

Lancashire HoldingsAnnouncement

05/03/2021 17:20

Lancashire Holdings Limited

(the “Company”) or (“LHL”)

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

The Company wishes to announce a correction in the announcement dated 23
February 2021 regarding the grant of Restricted Share Awards (“RSS
awards”) as nil-cost options over common shares of US$0.50 each under the
LHL Restricted Share Scheme as both Long Term Incentive Performance RSS Awards
and Deferred Annual Bonus RSS Awards to Natalie Kershaw, Executive Director
and Group Chief Financial Officer.

Ms. Kershaw was in fact granted 187,229 RSS awards as nil-cost options over
the Company’s common shares of US$0.50 each. Of these RSS awards 160,356
were granted as Long Term Incentive Performance RSS Awards* and 26,873 were
granted as Deferred Annual Bonus RSS Awards**.

* In accordance with the LHL Restricted Share Scheme rules, in the normal
course of events the 2021 Long Term Incentive Performance RSS Awards will vest
in 2024 to the extent that the Performance Conditions (measured over a
three-year performance period ending 31 December 2023) have been satisfied and
provided the Award holder remains employed by a Group Member on the date of
vesting.

** In accordance with the LHL Restricted Share Scheme rules, exercise of the
2020 Deferred Annual Bonus RSS Awards may occur over the relevant vested
awards at such point as the Award holder selects, up to the 10th anniversary
of the date of grant. Subject to the vesting conditions, each Deferred Annual
Bonus RSS Award will vest in three equal tranches.  Vested awards may only be
exercised in “open periods”. It is anticipated that the first open period
following the normal vesting date will commence in February 2022 in the case
of the first tranche, in February 2023 in the case of the second tranche, and
in February 2024 in the case of the third tranche.

The notification below, made in accordance with the requirements of UK MAR,
provides further detail:

 1         Details of the person discharging managerial responsibilities/person closely associated                                                                                                                                                                                                                                                 
 a)        Name                                                                                               Natalie Kershaw                                                                                                                                                                                                                      
 2         Reason for the notification                                                                                                                                                                                                                                                                                                             
 a)        Position/status                                                                                    Executive Director and Group Chief Financial Officer                                                                                                                                                                                 
 b)        Initial notification/Amendment                                                                     Amendment notification                                                                                                                                                                                                               
 3         Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor                                                                                                                                                                                                                           
 a)        Name                                                                                               Lancashire Holdings Limited                                                                                                                                                                                                          
 b)        LEI                                                                                                5493002UNUYXLHOWF752                                                                                                                                                                                                                 
 4         Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted                                                                                                                                       
 a)        Description of the financial instrument, type of instrument Identification code                    Nil-cost options over Common Shares of US$0.50 each   ISIN: BMG5361W1047                                                                                                                                                             
 b)        Nature of the transaction                                                                          Grant of 187,229 RSS awards granted as nil-cost options over common shares of US$0.50 each, of which 160,356 were granted as Long Term Incentive Performance RSS Awards and 26,873 were granted as Deferred Annual Bonus RSS Awards  
 c)        Price(s) and volume(s)                                                                                                                                                                                                                                                                                                                  
 Price(s)  Volume(s)                                                                                          
 Nil       160,356                                                                                            
 Nil       26,873                                                                                             
 d)        Aggregated information                                                                             NIL                                                                                                                                                                                                                                  
 e)        Date of the transaction                                                                            2021-02-19                                                                                                                                                                                                                           
 f)        Place of the transaction                                                                           Outside a trading venue                                                                                                                                                                                                              

Name of authorised official of issuer for making notification

 Christopher Head Company Secretary  5 March 2021  +44 20 7264 4145 chris.head@lancashiregroup.com  



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