SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of February, 2006 RYANAIR HOLDINGS PLC (Translation of registrant's name into English) c/o Ryanair Ltd Corporate Head Office Dublin Airport County Dublin Ireland (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F..X.. Form 40-F..... Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ..... No ..X.. If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________ SCHEDULE 11 Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons This form is intended for use by an issuer to make a RIS notification required by the Market Abuse Rules and section 53 (as extended by section 64 of the Companies Act 1990) or entered into the issuer's register in accordance with section 59 of the Companies Act 1990. 1. An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24. 2. An issuer making a notification in respect of a derivative relating to the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24. 3. An issuer making a notification in respect of options granted to a director /person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24. 4. An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete the boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24. All relevant boxes should be completed in block capital letters 1 Name of the Issuer 2 State whether the notification relates to: RYANAIR HOLDINGS PLC (i) a transaction notified in accordance with Market Abuse Rules; (ii) a disclosure made in accordance with section 53 (as extended by section 64 of the Companies Act 1990) or entered into the issuer's register in accordance with section 59 of the Companies Act 1990; or (iii) both (i) and (ii). (iii) 3 Name of person discharging 4 State whether notification managerial responsibilities/ relates to a person connected director with a person discharging managerial responsibilities/ director named in 3 and identify the connected person MICHAEL HORGAN, DIRECTOR N/A 5 Indicate whether the 6 Description of shares notification is in respect (including class) debentures of a holding of the person or derivatives or financial referred to in 3 or 4 above instruments relating to shares or in respect of a non-beneficial interest HOLDING ORDINARY SHARES 7 Name of registered 8 State the nature of the shareholder(s) and, if more transaction than one, number of shares held by each of them MICHAEL HORGAN EXERCISE AND SALE OF SHARE OPTIONS 9 Number of shares, debentures 10 Percentage of issued class or financial instruments acquired (treasury shares of relating to shares acquired that class should not be taken into account when calculating percentage) 50,000 0.0065% 11 Number of shares, debentures 12 Percentage of issued class or financial instruments disposed (treasury shares of relating to shares disposed that class should not be taken into account when calculating percentage) 29,000 0.0038% 13 Price per share or value of 14 Date and place of transaction transaction EUR 7.78 ISE - 17 FEBRUARY 2006 15 Total holding following 16 Date issuer informed of notification and total transaction percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 25,000 OR 0.0032% 20 FEBRUARY 2006 If a person discharging managerial responsibilities has been granted options by the issuer, complete the following boxes: 17 Date of grant 18 Period during which or date on which it can be exercised n/a n/a 19 Total amount paid (if any) for 20 Description of shares or grant of the option debentures involved (class and number) N/A n/a 21 Exercise price (if fixed at time 22 Total number of shares or of grant) or indication that the debentures over which price is to be fixed at the time options are held following of exercise notification N/A N/A 23 Any additional information 24 Name of contact and telephone number for queries JIM CALLAGHAN - +3531 8121236 Name and signature of duly designated officer of issuer responsible for making notification JIM CALLAGHAN, COMPANY SECRETARY________________________________________ Date of notification _______20 FEBRUARY 2006____________________________ SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. RYANAIR HOLDINGS PLC Date: 20 February 2006 By:___/s/ Howard Millar____ H Millar Company Secretary & Finance Director