Director/PDMR Shareholding

RNS Number : 5510R

Cairn Energy PLC

05 November 2021

 

FOR IMMEDIATE RELEASE  5 November 2021

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

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

in the Company's Shares

1.  Sale of Shares

Cairn announces that, across 3 and 4 November 2021, James Smith, CFO, sold 443,725 ordinary shares of ²¹/₁₃ pence each in the Company ("Ordinary Shares") at an average price of £1.90 per share.

As part of his personal tax planning arrangements, Mr Smith sought permission to sell the above noted number of Ordinary Shares ahead of the Company's anticipated special dividend that it has previously announced will be paid following receipt of any Indian tax refund. As this will temporarily reduce his holding in Cairn below the level required by the "in service" element of the Company's shareholding guidelines for Executive Directors (which currently require individuals to build up and maintain a target holding equal to 200% of salary), Mr Smith has confirmed to the Cairn Remuneration Committee that, within a period of 12 months following the payment of any such special dividend, he will take the steps necessary to ensure that he is once again in compliance with these requirements. The Remuneration Committee confirms that none of the Ordinary Shares being sold are subject to any post-vesting holding period and that, following the disposal, the value of his remaining holding (which includes the net-of-tax value of his vested but unexercised LTIP awards detailed below) is equal to approximately 122% of salary.

2.   Summary of current holdings of Executive Director

Following this announcement, James Smith's beneficial interests in the Shares of the Company is as follows:

Executive Director	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*
James Smith	471,158	27,433	0.005	1,671,063	409,496

* 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	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 21/13 pence each
	Identification code	GB00BN0SMB92
b)	Nature of the transaction	Sale of ordinary shares of 21/13 pence each
c)	Price(s) and volume(s)	Price(s) Volume(s) £1.90 96,201
d)	Aggregated information -  Aggregated volume -  Price	-  Not applicable
e)	Date of the transaction	2021-11-03
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 Identificationcode		Ordinary shares of 21/13 pence each GB00BN0SMB92
b)	Nature of the transaction		Sale of ordinary shares of 21/13 pence each
c)	Price(s) and volume(s)		Price(s) Volume(s) £1.90 347,524
d)	Aggregated information -  Aggregated volume Price		Not applicable
e)	Date of the transaction		2021-11-04
f)	Place of the transaction		London Stock Exchange

 

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