Director/PDMR Shareholding

RNS Number : 8872Q

Cairn Energy PLC

15 September 2017

 

FOR IMMEDIATE RELEASE                                                                                   15 September 2017

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

Interests of Person Discharging Managerial Responsibility ("PDMR")

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 14 September 2017, it received notices of exercise from the PDMR detailed below in relation to Awards over the Company's ordinary shares of 231/169 pence each ("Shares") that had originally been granted under the rules of the 2009 LTIP on 14 June 2012, 20 March 2013 and 19 March 2014:

PDMR	Date of grant of Award	Date of vesting of Award	Shares acquired on 14 September 2017 pursuant to the exercise of Award
David Nisbet, Director, Corporate Affairs	14 June 2012	17 June 2015	18,464
	20 March 2013	22 March 2016	53,394
	19 March 2014	6 April 2017	60,000
		Total	131,858

The above Awards (each of which is in the form of a "nil-cost" option) had previously vested following the expiry of a specified three-year performance period.  The extent of such vesting reflected the fact that the Company's total shareholder over that period was above the median ranking in the applicable comparator group.

2. Subsequent sale of Shares

Following the exercises summarised in section 1. above, a total of 122,090 Shares that had been acquired by David Nisbet were sold on his behalf on 14 September 2017 at a price of £1.8476 per Share.

3. Summary of current holdings of PDMR

Following the above exercise and sale, David Nisbet's beneficial interest in the Shares of the Company is as follows:

PDMR	Previous Shares	Current Shares	% Issued Share Capital	Outstanding entitlements under 2009 and 2017 LTIPs
				Unvested Awards still subject to performance conditions	Vested but unexercised Awards*
David Nisbet	26,295	36,063	0.006	573,782	141,446

* 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 applicable LTIP.

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	David Nisbet
2	Reason for the notification
a)	Position/status	Director, Corporate Affairs
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 awards (in the form of nil-cost options) originally granted under the 2009 LTIP on 14 June 2012, 20 March 2013 and 19 March 2014.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 131,858
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	2017-09-14
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) £1.8476 122,090
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	2017-09-14
f)	Place of the transaction	London Stock Exchange

 

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