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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