Director/PDMR Shareholding

RNS Number : 4725F

Cairn Energy PLC

15 June 2012

 



FOR IMMEDIATE RELEASE                                                                                                 15 June 2012

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

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

in the Company's Shares

1.         Award of Free Shares under the Company's 2010 Share Incentive Plan

Cairn announces that, on 15 June 2012, awards of up to £3,000 worth of ordinary shares of ²³¹/₁₆₉ pence each in the Company ("Ordinary Shares") were made to eligible employees under the "Free Share" element of the Company's HMRC approved all-employee Share Incentive Plan (the "SIP").  No consideration was paid for the grant of these awards. 

Details of the Executive Directors and PDMRs who participated in the award are as follows:-

Executive Director / PDMR	Number of Free Shares Awarded
Simon Thomson, Chief Executive	1,071
Dr Mike Watts, Deputy Chief Executive	1,071
Jann Brown, Managing Director and Chief Financial Officer	1,071
Richard Heaton, Exploration Director	1,071
Paul Mayland, Director - Planning and Business Development	1,071
Phil Dolan, Director of Operations	1,071
Douglas Taylor, Deputy Finance Director	1,071

The above awards were based on an Ordinary Share price of £2.80, being the mid-market price of a Cairn share as at close of business on 14 June 2012.

The Ordinary Shares awarded to participants in the SIP were purchased in the market by the trustee of the SIP trust (the "Trustee").  In accordance with the rules of the SIP, the Trustee will normally hold these Ordinary Shares on behalf of the relevant individuals throughout a holding period of five years from the date of award.

2.         Purchase of Partnership Shares / Award of Matching Shares under the Company's 2010 Share Incentive Plan (the "SIP")

Cairn announces that, on 15 June 2012, the trustee (the "Trustee") of the Company's HMRC approved all-employee SIP purchased ordinary shares of ²³¹/₁₆₉ pence each in the Company ("Ordinary Shares") in the market at a price of £2.7986 per Ordinary Share on behalf of participants in the "Partnership Share" element of the SIP using deductions made from their gross salary.

Cairn also announces that, on 15 June 2012, awards of further Ordinary Shares were made to the above participants under the "Matching Share" element of the SIP on the basis of two free Matching Shares for every one Partnership Share purchased. The Ordinary Shares used to satisfy these awards were previously purchased in the market by the Trustee.

Details of the Executive Directors and PDMRs who participated in the purchase / award are as follows:-

Director / PDMR	Number of Partnership Shares Purchased	Number of Matching Shares Awarded	Total Number of Shares Acquired
Simon Thomson	536	1,072	1,608
Dr Mike Watts	536	1,072	1,608
Jann Brown	536	1,072	1,608
Richard Heaton	536	1,072	1,608
Paul Mayland	536	1,072	1,608
Phil Dolan	536	1,072	1,608
Douglas Taylor	536	1,072	1,608

In accordance with the rules of the SIP, Partnership and Matching Shares are initially held by the Trustee on the participants' behalf and, in the case of Matching Shares, must normally remain so held throughout a period of five years from the date of award. 

3.         Summary of current holdings of Executive Directors / PDMRs

Following this announcement, the current Executive Directors' / PDMRs' beneficial interests in the Ordinary Shares of the Company are as follows:-

Executive Director / PDMR	Ordinary Shares	% Issued Share Capital	Outstanding Awards under 2009 LTIP
Simon Thomson	367,103	0.061%	1,540,775
Dr Mike Watts	1,144,652	0.190%	1,699,201
Jann Brown	284,088	0.047%	1,501,822
Richard Heaton	477,458	0.079%	892,144
Paul Mayland	10,220	0.002%	415,160
Phil Dolan	22,994	0.004%	365,605
Douglas Taylor	37,464	0.006%	212,578

 

END

 

 

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