Director/PDMR Shareholding

RNS Number : 9626B

Cairn Energy PLC

07 April 2017

 

FOR IMMEDIATE RELEASE                                                                                                   7 April 2017

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

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

in the Company's Shares

1.         Exercise of balance of 2013 Awards under the Company's Long Term Incentive Plan 2009 ("the 2009 LTIP")

Cairn announces that, on 6 April 2017, it received notices of exercise from the Executive Director and PDMRs detailed below in relation to Awards over ordinary shares of ²³¹/₁₆₉ pence each ("Shares") that had originally been granted under the rules of the 2009 LTIP on 20 March 2013.

These exercises relate to the proportions of the above Awards that originally vested on 22 March 2016 but which were subject to 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 22 March 2016	Additional Shares in respect of which Award became exercisable on 6 April 2017	Shares acquired on 6 April 2017 pursuant to the exercise of Award
Simon Thomson, Chief Executive	565,732	462,065	231,033	231,033
Richard Heaton, Director of Exploration	236,350	193,040	96,520	96,520
Paul Mayland, Chief Operating Officer	307,112	250,835	125,418	125,418
Douglas Taylor, Deputy Finance Director	114,942	93,879	46,940	46,940

The above Awards (which are in the form of "nil-cost" options) vested, in part, on 22 March 2016 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 were immediately exercisable, with the balance becoming exercisable after a further holding period of one year (subject to any dealing restrictions in place at that time). The exercise of the immediately exercisable portion of these Awards by the above individuals was previously announced by the Company on 23 March 2016.

2.         Vesting and Exercise of 2014 Awards under the Company's 2009 LTIP

Cairn also announces that, on 6 April 2017, it received notices of exercise from the Executive Directors and PDMRs detailed below in relation to Awards over Shares that had originally been granted under the rules of the 2009 LTIP on 19 March 2014.

The above Awards (which are in the form of "nil-cost" options) vested, in part, on 6 April 2017 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 6 April 2017	Shares in respect of which Award became exercisable on 6 April 2017	Shares acquired on 6 April 2017 pursuant to the exercise of Award
Simon Thomson, Chief Executive	959,794	871,643	435,821	435,821
James Smith, Chief Financial Officer	624,256	566,922	283,461	283,461
Richard Heaton, Director of Exploration	400,980	364,152	182,076	182,076
Paul Mayland, Chief Operating Officer	521,031	473,177	236,588	236,588
Brita Holstad, Regional Director, UK & Norway	275,761	250,434	125,217	0*
Douglas Taylor, Deputy Finance Director	195,005	177,095	88,547	88,547

* Ms. Holstad has chosen not to exercise her Award at this time.

3.         Subsequent sale of Shares

Following the exercises summarised in sections 1 and 2 above, a total of 888,042 Shares that had been acquired by the individuals below were sold on their behalf at a price of £2.0122 per Share on 6 April 2017, substantially in order to fund the tax and national insurance liabilities arising on exercise.

Details of these sales are as follows:

Executive Director / PDMR	Number of Shares Sold on 6 April 2017
Simon Thomson	389,051
James Smith	133,494
Richard Heaton	131,204
Paul Mayland	170,485
Douglas Taylor	63,808

4.         Summary of current holdings of Executive Directors / PDMRs

Following the above exercises and sales, 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	731,220	1,009,023	0.173	1,734,184	435,822
James Smith	67,237	217,204	0.037	1,127,924	283,461
Richard Heaton	849,562	996,954	0.171	1,086,755	182,076
Paul Mayland	125,564	317,085	0.054	955,396	236,589
Brita Holstad	0	0	0	408,090	250,434
Richard Ember	4,567	4,567	0.001	433,615	0**
Miles Warner	0	0	0	206,111	0**
Douglas Taylor	90,481	162,160	0.028	352,341	88,548

* 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 for other individuals were originally made prior to the commencement of employment of Richard Ember and Miles Warner.

The following notifications are intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Simon Thomson
2	Reason for the notification
a)	Position/status	Chief Executive
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Cairn Energy PLC
b)	LEI	213800ZJEUQ8ZOC9AL24
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 20 March 2013.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 231,033
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 435,821
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Sale of Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £2.0122 389,051
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	James Smith
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Cairn Energy PLC
b)	LEI	213800ZJEUQ8ZOC9AL24
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 283,461
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Sale of Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £2.0122 133,494
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Richard Heaton
2	Reason for the notification
a)	Position/status	Director of Exploration
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Cairn Energy PLC
b)	LEI	213800ZJEUQ8ZOC9AL24
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 20 March 2013.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 96,520
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 182,076
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Sale of Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £2.0122 131,204
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Paul Mayland
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Cairn Energy PLC
b)	LEI	213800ZJEUQ8ZOC9AL24
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 20 March 2013.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 125,418
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 236,588
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Sale of Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £2.0122 170,485
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Douglas Taylor
2	Reason for the notification
a)	Position/status	Deputy Finance Director
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Cairn Energy PLC
b)	LEI	213800ZJEUQ8ZOC9AL24
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 20 March 2013.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 46,940
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 88,547
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument	Ordinary shares of 231/169 pence each ("Shares")
	Identification code	GB00B74CDH82
b)	Nature of the transaction	Sale of Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) £2.0122 63,808
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	6 April 2017
f)	Place of the transaction	London Stock Exchange

 

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