25th Oct 2005 11:17
BRIT Insurance Holdings PLC25 October 2005 25 October 2005 BRIT INSURANCE HOLDINGS PLCEMPLOYEE SHARE OWNERSHIP PLAN ("the ESOP") Brit Insurance Holdings PLC ("the Company"), the UK general insurer, confirmsthat this disclosure relates to a single transaction of which notification wasreceived under Paragraph 3.1.2 of the Disclosure Rules and, in respect of theDirectors of the Company only, Section 324 of the Companies Act 1985. The ESOP is an Inland Revenue approved trust arrangement, operated through HillSamuel ESOP Trustees Limited ("the Trustees"), under which employees are able tobuy ordinary shares of 25 pence each in the Company ("partnership shares"),using monthly deductions from salary, and receive free ordinary shares of 25pence each in the Company ("matching shares") on the basis of one matching sharefor every two partnership shares purchased. Under the ESOP, the Board may alsoaward ordinary shares of 25p each in the Company ("free shares") to eligibleemployees. The partnership shares, matching shares and free shares are acquiredby and held in the ESOP Trust. The Company has been notified that on 20 October 2005, the following executivedirectors and persons discharging managerial responsibility ("PDMR") of theCompany each received 500 free shares under the 2005 ESOP Free Shares Award: Mr D J Douetil (Director)Mr N D Eckert (Director)Mr R A Field (PDMR)Mr P J Goddard (PDMR)Mr M Scales (Director)Mr M A Sibthorpe (PDMR) The Trustees transferred 1,500 ordinary shares of 25 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 rules of the ESOP, byparticipants who have left the group since the last purchase. Following thetransaction on 20 October 2005, the executive directors of the Company, whotogether with other employees, are potential participants in the ESOP and are tobe treated as interested in the remaining 1,336 ordinary shares of 25 pence eachheld by Lloyds TSB Registrars Corporate Nominee Ltd AESOP 2 (unallocatedshares). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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