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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