24th Oct 2006 15:50
BRIT Insurance Holdings PLC24 October 2006 24 October 2006 BRIT INSURANCE HOLDINGS PLCEMPLOYEE SHARE OWNERSHIP PLAN ("the ESOP") Brit Insurance Holdings PLC ("the Company"), the UK-domiciled internationalgeneral insurer and reinsurer, confirms that this disclosure relates to a singletransaction of which notification was received under Paragraph 3.1.2 of theDisclosure Rules and, in respect of the Directors of the Company only, Section324 of the Companies Act 1985. The ESOP is a HM Revenue and Customs approved trust arrangement, operatedthrough Hill Samuel ESOP Trustees Limited ("the Trustees"), under whichemployees are able to buy ordinary shares of 75 pence each in the Company("partnership shares"), using monthly deductions from salary, and receive freeordinary shares of 75 pence each in the Company ("matching shares") on the basisof one matching share for every two partnership shares purchased. Under theESOP, the Board may also award ordinary shares of 75 pence each in the Company("free shares") to eligible employees. The partnership shares, matching sharesand free shares are acquired by and held in the ESOP Trust. The Company has been notified that on 20 October 2006, the following executivedirectors and persons discharging managerial responsibility ("PDMR") of theCompany each received 200 free shares under the 2006 ESOP Free Shares Award: Mr D J Douetil (Director)Mr R A Field (PDMR)Mr P J Goddard (PDMR)Mr M Scales (Director)Mr M A Sibthorpe (PDMR)Mr J R Turner (PDMR) The Trustees transferred 176 ordinary shares of 75 pence each from Lloyds TSBRegistrars Corporate Nominee Limited AESOP 1 (allocated shares) to Lloyds TSBRegistrars Corporate Nominee Limited AESOP 2 (unallocated shares). The transferwas made following the forfeiture of shares, under the ESOP, by participants whohad left the group since the last purchase. Following the transaction on 20October 2006, the executive directors of the Company, who together with otheremployees, are potential participants in the ESOP and are to be treated asinterested in the remaining 780 ordinary shares of 75 pence each held by LloydsTSB Registrars Corporate Nominee Limited AESOP 2 (unallocated shares). Lucie GilbertDeputy SecretaryBrit Insurance Holdings PLCTel: 020 7984 8664 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BRE.L