Director/PDMR Shareholding

RNS Number : 8995H

Cairn Energy PLC

19 March 2015

 



FOR IMMEDIATE RELEASE                                                                                               19 March 2015

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

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

in the Company's Shares

1.         Awards under the Company's Long Term Incentive Plan (2009) ("the 2009 LTIP")

Cairn announces that the following awards over its ordinary shares of ²³¹/₁₆₉ pence each ("Ordinary Shares") were made today under the 2009 LTIP to the undernoted Executive Directors and PDMRs of the Company:-

Executive Director / PDMR	Number of Ordinary Shares
Simon Thomson, Chief Executive	877,190
James Smith, Chief Financial Officer	570,529
Richard Heaton, Director of Exploration	549,705
Paul Mayland, Chief Operating Officer	476,188
Douglas Taylor, Deputy Finance Director	178,222
Rob JE Jones, Regional Director (Africa)	222,778
Brita Holstad, Regional Director (UK & Norway)	205,312

All Ordinary Shares were awarded at £1.868 per Share, being the average mid-market closing price of an Ordinary Share over the 30 days preceding the date of award. The vesting of the awards depends upon the extent to which performance conditions are met over a three year performance period.

2.         Vesting of Deferred Share Award

Cairn also announces that on 19 March 2015, a total of 55,096 Ordinary Shares of ²³¹/₁₆₉ each in the Company vested in favour of James Smith, Chief Financial Officer, for no consideration under the terms of a Deferred Share Award Agreement entered into between the Company and Mr Smith in connection with his recruitment to the Company.

As announced on 10 April 2014, the Company's Remuneration Committee agreed an award of up to £200,000 to compensate Mr Smith for part of the remuneration that would have been payable to him by his former employer but for his resignation to join Cairn - 50% of this award was payable in cash following the commencement of Mr Smith's employment in March 2014 and the remainder as a conditional award over Cairn shares, the vesting of which was dependent on twelve months' continuous employment.

The Deferred Share Award (which was not subject to any additional performance conditions) has now vested in full following the end of the above one year deferral period. Following the vesting, all 55,096 Ordinary Shares were transferred to Mr Smith on 19 March 2015. Mr Smith has decided to fund from his own resources the tax and national insurance liabilities arising on vesting, thereby allowing him to retain all of his Ordinary Shares.

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	Previous Ordinary Shares	Current Ordinary Shares	% Issued Share Capital	Outstanding Awards under 2009 LTIP
Simon Thomson	507,567	507,567	0.088	2,916,051
James Smith	2,688	57,784	0.010	1,194,785
Richard Heaton	704,321	704,321	0.122	1,436,654
Paul Mayland	17,086	17,086	0.003	1,486,700
Douglas Taylor	44,327	44,327	0.008	605,072
Rob J E Jones	143,466	143,466	0.025	750,497
Brita Holstad	0	0	0.000	481,073

 

END

 

 

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