Director/PDMR Shareholding

RNS Number : 0249T

Cairn Energy PLC

23 March 2016

 

FOR IMMEDIATE RELEASE                                                                                               23 March 2016

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

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

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 22 March 2016, it received notices of exercise from the Executive Director and PDMRs detailed below in relation to Awards over ordinary shares of  pence each ("Shares") that had originally been granted under the rules of the 2009 LTIP on 20 March 2013.

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 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 22 March 2016	Shares in respect of which Award became exercisable on 22 March 2016	Shares acquired on 22 March 2016 pursuant to the exercise of Award
Simon Thomson, Chief Executive	565,732	462,065	231,032	231,032
Richard Heaton, Director of Exploration	236,350	193,040	96,520	96,520
Paul Mayland, Chief Operating Officer	307,112	250,835	125,417	125,417
Douglas Taylor, Deputy Finance Director	114,942	93,879	46,939	46,939

2.         Subsequent sale of Shares

Following the above exercises, a total of 235,428 Shares that had been acquired by the above individuals were sold on their behalf at a price of £2.08926 per Share on 22 March 2016 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 22 March 2016
Simon Thomson	108,803
Richard Heaton	45,455
Paul Mayland	59,064
Douglas Taylor	22,106

3.         Summary of current holdings of Executive Directors / PDMRs

Following this announcement, 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	572,783	695,012	0.121	2,693,978	291,181
James Smith	62,853	62,853	0.011	1,752,180	0**
Richard Heaton	778,637	829,702	0.144	1,487,735	125,768
Paul Mayland	43,523	109,876	0.019	1,476,427	146,786
Douglas Taylor	56,641	81,474	0.014	547,346	60,638
Brita Holstad	0	0	0	683,851	0**
Richard Ember	0	0	0	433,615	0**
Miles Warner	0	0	0	206,111	0**

* 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 were originally made prior to the commencement of employment of James Smith, Brita Holstad, Richard Ember and Miles Warner.

 

END

 

 

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