Director/PDMR Shareholding

RNS Number : 4351R

Cairn Energy PLC

29 June 2015

 



EMBARGOED FOR RELEASE AT 0800                                                                                 29 June 2015

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

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

in the Company's Shares

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

Cairn announces that, on 26 June 2015, it received notices of exercise from the Executive Director and PDMRs detailed below in relation to Awards over a total of 124,459 ordinary shares of  pence each ("Shares") that had originally been granted under the rules of the 2009 LTIP on 14 June 2012.

The above Awards (which are in the form of "nil-cost" options) vested, in part, on 17 June 2015 following the expiry of the applicable three-year performance period.  The extent of such vesting reflected the fact that the Company's total shareholder return over that period was above the median ranking in the specified comparator group. 

Under the 2009 LTIP's rules, 50% of these vested Awards became immediately exercisable on such vesting, with the balance normally becoming exercisable after a further holding period of one year.

A summary of the above events / transactions is as follows:

Executive Director / PDMR	Shares originally subject to Award	Total Shares that vested on 17 June 2015	Shares in respect of which Award became exercisable on 17 June 2015	Shares acquired on 26 June 2015 pursuant to the exercise of Award
Simon Thomson, Chief Executive	513,335	120,295	60,147	60,147
Richard Heaton, Director of Exploration	249,619	58,495	29,247	29,247
Paul Mayland, Chief Operating Officer	182,369	42,736	21,368	21,368
Douglas Taylor, Deputy Finance Director	116,903	27,395	13,697	13,697
Rob J E Jones, Regional Director (North Africa)	140,284	32,874	16,437	0*

* Mr Jones has chosen not to exercise his Award at this time.

2.         Subsequent sale of Shares

Following the above exercises, a total of 6,452 Shares that had been acquired by Douglas Taylor were sold on his behalf at a price of £1.7415 per Share on 26 June 2015 in order to fund the tax and national insurance liabilities arising on exercise. 

With the exception of Rob J E Jones (who has chosen not to exercise his award at this time) the other individuals; namely Simon Thomson, Richard Heaton and Paul Mayland, have decided to fund from their own resources the tax and national insurance liabilities arising on exercise, thereby allowing them to retain all of the Shares which they acquired on the above exercise of their Awards.

 

3.         Summary of current holdings of Executive Directors / PDMRs

Following this announcement, the Executive Directors' and PDMRs' beneficial interests in the Shares of the Company are as follows:

Executive Director / PDMR	Previous Shares	Current Shares	% Issued Share Capital	Outstanding entitlements under 2009 LTIP
				Unvested Awards still subject to performance conditions	Vested but unexercised Awards*
Simon Thomson	512,636	572,783	0.100	2,402,716	60,148
James Smith	62,853	62,853	0.011	1,194,785	0**
Richard Heaton	709,390	738,637	0.128	1,187,035	29,248
Paul Mayland	22,155	43,523	0.008	1,304,331	21,368
Douglas Taylor	49,396	56,641	0.010	488,169	13,698
Rob J E Jones	148,532	148,532	0.026	610,213	32,874
Brita Holstad	0	0	0	481,073	0**

* This column includes all outstanding Awards that have vested following the expiry of the applicable performance period, regardless of whether or not they are currently capable of being exercised under the rules of the 2009 LTIP.

**The Awards which are the subject of this announcement were made in 2012, prior to the commencement of James Smith's and Brita Holstad's employment with Cairn.

 

END

 

 

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