Director/PDMR Shareholding

RNS Number : 2336V

Cairn Energy PLC

14 April 2016

 

FOR IMMEDIATE RELEASE                                                                                                  14 April 2016

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 14 April 2016, it made its annual awards of up to £3,600 worth of ordinary shares of ²³¹/₁₆₉ pence each in the Company ("Ordinary Shares") to eligible employees under the "Free Share" element of the Company's HMRC approved all-employee Share Incentive Plan established in April 2010 (the "SIP").  No consideration was paid for the grant of these awards. 

Details of the Executive Directors and PDMRs who participated in the award, having complied with the eligibility criteria in terms of the rules of the SIP, are as follows:-

Executive Director / PDMR	Number of Free Shares Awarded
Simon Thomson, Chief Executive	1,762
James Smith, Chief Financial Officer	1,762
Richard Heaton, Director of Exploration	1,762
Paul Mayland, Chief Operating Officer	1,762
Phil Dolan, Director of Operations	1,762
Douglas Taylor, Deputy Finance Director	1,762
Richard Ember, Regional Director, International	1,762
Brita Holstad, Regional Director (UK & Norway)*	0
Miles Warner, General Manager, Senegal*	0

*Ms Holstad and Mr Warner do not participate in the SIP as they are not UK resident tax payers.

The above awards were based on an Ordinary Share price of £2.043, being the mid-market price of a Cairn share as at close of business on 13 April 2016. 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.         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	695,012	696,774	0.121	2,693,978	291,181
James Smith	62,853	64,615	0.011	1,752,180	0**
Richard Heaton	829,702	831,464	0.144	1,487,735	125,768
Paul Mayland	109,876	111,638	0.019	1,476,427	146,786
Douglas Taylor	81,474	83,236	0.014	547,346	60,638
Richard Ember	0	1,762	0	433,615	0**
Brita Holstad	0	0	0	683,851	0**
Miles Warner	0	0	0	206,111	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 included within this column were originally made prior to the commencement of employment of James Smith, Brita Holstad, Richard Ember and Miles Warner.

 

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