Director/PDMR Shareholding

RNS Number : 5553E

Cairn Energy PLC

22 December 2009

 



FOR IMMEDIATE RELEASE                                                                    22 December 2009

CAIRN ENERGY PLC ("Cairn" or "the Company")

Interests of Directors / Persons Discharging Managerial Responsibility ("PDMRs") 

in the Company's Shares

At the Company's Extraordinary General Meeting held on 21 December ("the EGM") the Company received shareholder approval for a subdivision of the Company's share capital and the conversion of certain share incentive awards.

The impact of the subdivision of share capital (which became effective at 8.00 a.m. today), on the directors / PDMRs beneficial interests in the Ordinary Shares of the Company are shown in the table below. This table does not include interests held by directors / PDMRs pursuant to the Company's long term incentive arrangements, which are dealt with separately in this announcement.

Director/PDMR	Number of Ordinary Shares of 6 2/13 held before subdivision	Number of Ordinary Shares of 8/13 pence each held after subdivision	Percentage of Issued Share Capital
Norman Murray	40,000	400,000	0.029
Hamish Grossart	5,000	50,000	0.003
Todd Hunt	18,280	182,800	0.013
Mark Tyndall	4,062	40,620	0.003
Iain McLaren	2,000	20,000	0.001
Dr James Buckee	3,362	33,620	0.002
Sir Bill Gammell	352,137	3,521,370	0.252
Dr Mike Watts	187,896	1,878,960	0.134
Malcolm Thoms	48,869	488,690	0.035
Phil Tracy	0	0	0
Jann Brown	38,111	381,110	0.027
Simon Thomson	1,300	13,000	0.001
Richard Heaton	60,000	600,000	0.043

Following shareholder approval of the conversion of certain share incentive awards made under the Cairn Energy PLC Long Term Incentive Plan (2006) (the "2006 LTIP"), the following awards have today been made under the Cairn Energy PLC Replacement Long Term Incentive Plan (the "Replacement LTIP") to directors / PDMRs of the Company. These converted awards have been made in substitution for awards previously made in 2007 and 2008 under the 2006 LTIP and no awards other than these converted awards will be granted pursuant to the Replacement LTIP.

Director/PDMR	Total Number of Capricorn Units previously awarded under 2006 LTIP	Number of Ordinary Shares of 8/13 pence each awarded under Replacement LTIP
Sir Bill Gammell	1,411,481	1,499,324
Dr Mike Watts	1,543,808	1,639,886
Malcolm Thoms	601,802	639,255
Phil Tracy	882,176	937,078
Jann Brown	735,147	780,898
Simon Thomson	1,102,720	1,171,347
Richard Heaton	1,236,649	1,313,611

The numbers of Ordinary Shares subject to awards granted under the Replacement LTIP were calculated by reference to a "Conversion Price" (as that term is defined in the circular to shareholders relating to the EGM dated 3 December 2009) of £3.26 per Capricorn Unit and a market value per Ordinary Share of £3.069 (being the average of the closing middle market quotations of an Ordinary Share for the period of 30 calendar days up to and including 21 December 2009, as adjusted to take account of the subdivision of share capital).

Each of the above awards granted under the Replacement LTIP will vest at the same time, and in the same circumstances, as the 2006 LTIP award that it has replaced. However, this vesting will be conditional on the satisfaction of specified performance conditions. Following this announcement, the Directors' / PDMR's beneficial interests in the Ordinary Shares of the Company, including LTIP awards, are as follows:-

Director/PDMR	Ordinary Shares of 8/13 pence each	% Issued Share Capital	Outstanding Awards under  2006 LTIP1 and  Replacement LTIP2		Outstanding Awards under 2009 LTIP
			Cairn India Units1	Ordinary Shares of 8/13 pence each2	Ordinary Shares of 8/13 pence each
Norman Murray	400,000		-	-	-
Hamish Grossart	50,000		-	-	-
Todd Hunt	182,800		-	-	-
Mark Tyndall	40,620		-	-	-
Iain McLaren	20,000		-	-	-
Dr James Buckee	32,610		-	-	-
Sir Bill Gammell	3,521,370		738,718	1,499,324	674,000
Dr Mike Watts	1,878,960		269,323	1,639,886	655,000
Malcolm Thoms	488,690		622,673	639,255	421,000
Phil Tracy	0		461,699	937,078	0
Jann Brown	381,110		384,751	780,898	491,000
Simon Thomson	13,000		192,375	1,171,347	491,000
Richard Heaton	600,000		134,145	1,313,611	351,000

The numbers of Ordinary Shares subject to outstanding awards under the 2009 LTIP in the table above have been adjusted to take account of the subdivision of share capital.

 

END

 

 

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