Home Financial News Brit Insurance confirms the employee share ownership plan (ESOP)

Brit Insurance confirms the employee share ownership plan (ESOP)

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Brit Insurance Holdings PLC ,  the international general insurance and reinsurance group, confirms  that this disclosure relates to a single transaction of which notification was received under Paragraph 3.1.2 of the Disclosure and Transparency Rules.

The ESOP  is a  HM Revenue  and Customs  approved trust  arrangement, operated  through  Equiniti   Share  Plan   Trustees  Limited   (‘the Trustees’), under which employees are able to buy ordinary shares  of 75 pence each  in the Company  (‘partnership shares’), using  monthly deductions from salary, and receive free ordinary shares of 75  pence each in the Company (‘matching shares’) on the basis of one  matching share  for  every   two  partnership  shares   purchased.  Both   the partnership shares and the matching  shares are acquired by and  held in the ESOP Trust.

The Company has been notified that on 7 September 2009, the following executive directors and persons discharging managerial responsibility ‘PDMR’) of the  Company each  purchased 60 partnership  shares at  a price of 207.3p each and received 30 matching shares free of charge.