Director/PDMR Shareholding

RNS Number : 8409G

Cairn Energy PLC

19 March 2020

 

FOR IMMEDIATE RELEASE  19 March 2020

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

Interests of Persons Discharging Managerial Responsibility ("PDMRs")

in the Company's Shares

1.  Share purchase by Eric Hathon, Director of Exploration

Cairn announces that, on 18 March 2020, Eric Hathon, Director of Exploration, purchased 10,000 Ordinary Shares of 231/169 pence each in the Company ("Shares") at a price of £0.6992 pence per Share.

2.   Exercises of balance of Awards under the Company's Long Term Incentive Plan 2009 (the "2009 LTIP")

Cairn also announces that, on 18 and 19 March 2020, it received notices of exercise from Richard Ember, Regional Director, International, and Paul Mayland, Chief Operating Officer, in relation to an Awards over Shares that had originally been granted under the rules of the 2009 LTIP on 6 October 2015 and 19 March 2015 respectively.

The first notice of exercise, received on 18 March 2020, relates to the proportion of Richard Ember's Award that originally vested on 15 November 2018 but which was subject to a further holding period of one year. A summary of the relevant events / transactions in respect of his exercise is shown in the table below:

Executive Director / 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 2019	Shares acquired on 18 March 2020 pursuant to the exercise of Award
Richard Ember, Regional Director, International	240,103	139,863	69,932	69,932

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 return over that period was above the median ranking in the specified comparator group. 

Under the 2009 LTIP's rules, 50% of the vested Award was 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 this Award by the above individual was previously announced by the Company on 20 November 2018.

The second notice of exercise, received on 19 March 2020, relates to the proportion of Paul Mayland's Award that originally vested on 26 March 2018 but which was subject to a further holding period of one year. A summary of the relevant events / transactions in respect of his exercise is shown in the table below.

Executive Director / PDMR	Shares originally subject to Award	Total Shares that vested on 26 March 2018	Shares in respect of which Award became exercisable on 3 April 2019	Shares acquired on 19 March 2020 pursuant to the exercise of Award
Paul Mayland, Chief Operating Officer	476,188	269,760	134,880	134,880

The above Award (which is in the form of a "nil-cost" option) vested, in part, on 26 March 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 return over that period was above the median ranking in the specified comparator group. 

Under the 2009 LTIP's rules, 50% of the vested Award was 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 this Award by the above individual was previously announced by the Company on 28 March 2018.

3. Subsequent sale of Shares by Richard Ember and Paul Mayland

In order to fund some / all of the income tax and national insurance liabilities arising on the exercises summarised in section 2. above, the following shares were sold on behalf of Richard Ember and Paul Mayland.

PDMR	Date of transaction	Number of Shares sold	Sale price
Richard Ember	18 March 2020	33,636	£0.6717
Paul Mayland	19 March 2020	24,340	£0.6180

4. Summary of current holdings of above PDMRs

Following the purchase by Eric Hathon (see 1. above), and the exercise and sale by Richard Ember and Paul Mayland (see 2. and 3. above), their beneficial interests in the Shares of the Company are as follows:

PDMR	Previous Shares	Current Shares	% Issued Share Capital	Outstanding entitlements under 2017 LTIP
				Unvested Awards still subject to performance conditions
Eric Hathon	37,323	47,323	0.008%	1,163,771
Richard Ember	54,966	91,296	0.015%	500,280
Paul Mayland	527,713	638,253	0.108%	1,214,590

The following notification is 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	Eric Hathon
2	Reason for the notification
a)	Position/status	Director of Exploration
b)	Initialnotification/ 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")
	Identificationcode	GB00B74CDH82
b)	Nature of thetransaction	Purchase
c)	Price(s) and volume(s)	Price(s) Volume(s) £0.6992 10,000
d)	Aggregated information -  Aggregated volume -  Price	Not applicable
e)	Date of the transaction	2020-03-18
f)	Place of the transaction	London Stock Exchange

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 award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 6 October 2015.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 69,932
d)	Aggregated information - Aggregated volume - Price	Not applicable
e)	Date of the transaction	2020-03-18
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) £0.6717 33,636
d)	Aggregated information - Aggregated volume - Price	Not applicable
e)	Date of the transaction	2020-03-18
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 19 March 2015.
c)	Price(s) and volume(s)	Price(s) Volume(s) £0 134,880
d)	Aggregated information - Aggregated volume - Price	Not applicable
e)	Date of the transaction	2020-03-19
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) £0.6180 24,340
d)	Aggregated information - Aggregated volume - Price	Not applicable
e)	Date of the transaction	2020-03-19
f)	Place of the transaction	London Stock Exchange

 

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