Director/PDMR Shareholding

RNS Number : 8989H

Cairn Energy PLC

20 November 2018

 

FOR IMMEDIATE RELEASE                                                                                            20 November 2018

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

Interests of Person Discharging Managerial Responsibility ("PDMR")

in the Company's Shares

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

Cairn announces that, on 19 November 2018, it received a notice of exercise from the PDMR detailed below in relation to an Award 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 6 October 2015.

The above Award (which is in the form of a "nil-cost" option) vested, in part, on 15 November 2018 following the expiry of the applicable three-year performance period.  The extent of such vesting reflected the fact that the Company's total shareholder over the relevant period was above the median ranking in the specified comparator group.

Under the 2009 LTIP's rules, 50% of the vested Award 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:

PDMR	Shares originally subject to Award	Total Shares that vested on 15 November 2018	Shares in respect of which Award became exercisable on 15 November 2018	Shares acquired on 19 November 2018 pursuant to the exercise of Award
Richard Ember, Regional Director, International	240,103	139,863	69,931	69,931

2. Subsequent sale of Shares

In order to fund the income tax and national insurance liabilities arising on the exercise summarised in section 1 above, a total of 33,635 Shares that had been acquired by Richard Ember were sold on his behalf on 19 November 2018 at a price of £1.819 per Share.

3. Summary of current holdings of PDMR

Following the above exercise and sale, Richard Ember'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*
Richard Ember	13,106	49,402	0.008	495,733	69,932

* 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	Richard Ember
2	Reason for the notification
a)	Position/status	Regional Director, International
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 6 October 2015.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 69,931
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	2018-11-19
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) £1.819 33,635
d)	Aggregated information -   Aggregated volume -   Price	Not applicable
e)	Date of the transaction	2018-11-19
f)	Place of the transaction	London Stock Exchange

 

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