Director/PDMR Shareholding

RNS Number : 6087B

Cairn Energy PLC

17 June 2016

 

FOR IMMEDIATE RELEASE                                                                                                 17 June 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 17 June 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 14 June 2012.

These exercises relate to the proportions of the above Awards that originally vested on 17 June 2015 but which were subject to a further holding period of one year that expired on 17 June 2016.

A summary of the above events / transactions is as follows:

Executive Director / PDMR	Shares originally subject to Award	Total Shares that vested on 17 June 2015	Additional Shares in respect of which Award became exercisable on 17 June 2016	Shares acquired on 17 June 2016 pursuant to the exercise of Award
Simon Thomson, Chief Executive	513,335	120,295	60,148	60,148
Richard Heaton, Director of Exploration	249,619	58,495	29,248	29,248
Paul Mayland, Chief Operating Officer	182,369	42,736	21,368	21,368
Douglas Taylor, Deputy Finance Director	116,903	27,395	13,698	13,698

The above Awards (which are in the form of "nil-cost" options) vested, in part, on 17 June 2015 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 were immediately exercisable, with the balance becoming exercisable after a further holding period of one year. The exercise of the immediately exercisable portion of these Awards by the above individuals was previously announced by the Company on 29 June 2015.

2.         Subsequent sale of Shares

Following the above exercises, a total of 58,619 Shares that had been acquired by the above individuals were sold on their behalf at a price of £1.8485 per Share on 17 June 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 17 June 2016
Simon Thomson	28,327
Richard Heaton	13,775
Paul Mayland	10,064
Douglas Taylor	6,453

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	699,399	731,220	0.127	2,693,978	231,033
James Smith	67,237	67,237	0.012	1,752,180	0**
Richard Heaton	834,089	849,562	0.147	1,487,735	96,520
Paul Mayland	114,260	125,564	0.022	1,476,427	125,418
Douglas Taylor	83,236	90,481	0.016	547,346	46,940
Richard Ember	1,762	1,762	0.0003	433,615	0**
Brita Holstad	0	0	0	683,851	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

 

 

DSHAKODKABKDOAD