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LONDON - Direct Line (LON:DLGD) Insurance Group plc has applied to the Financial Conduct Authority and London Stock Exchange (LON:LSEG) for the admission of up to 20.1 million ordinary shares, according to a press release statement issued Monday.
The shares, each with a nominal value of 10 11/11 pence, will be used to satisfy the exercise of options under the company’s Long Term Incentive Plan and Deferred Annual Incentive Plan.
The issuance is connected to the proposed acquisition of Direct Line by Aviva plc (LON:AV) through a scheme of arrangement under Part 26 of the Companies Act 2006. The scheme’s sanction by the High Court of Justice in England and Wales is expected on July 1, 2025, as previously announced by Direct Line on June 17.
When issued, the new shares will rank equally with existing ordinary shares of the company. Admission is expected to become effective from 8:00 a.m. on Tuesday.
The International Securities Identification Number (ISIN) for Direct Line shares is GB00BY9D0Y18.
Direct Line Insurance Group is listed on the London Stock Exchange.
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