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Cairn Energy PLC (CNE)

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Thursday 04 April, 2019

Cairn Energy PLC

Director/PDMR Shareholding

RNS Number : 1416V
Cairn Energy PLC
04 April 2019
 

 

FOR IMMEDIATE RELEASE                                                                                                   4 April 2019

 

 

 

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

 

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

in the Company's Shares

 

1.         Exercise of balance of 2015 Awards under the Company's Long Term Incentive Plan 2009 ("the 2009 LTIP")

 

Cairn announces that, on 3 April 2019, it received notices of exercise from the Executive Directors and PDMRs detailed below in relation to Awards over ordinary shares of 231/169 pence each ("Shares") that had originally been granted under the rules of the 2009 LTIP on 19 March 2015.

 

These exercises relate to the proportions of the above Awards that originally vested on 26 March 2018 but which were subject to 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 26 March 2018

 

Shares in respect of which Award became exercisable on 3 April 2019

 

 

Shares acquired on 3 April 2019 pursuant to the exercise of Award

Simon Thomson, Chief Executive

877,190

496,927

248,464

248,464

James Smith, Chief Financial Officer

570,529

323,204

161,602

161,602

Paul Mayland, Chief Operating Officer

476,188

269,760

134,880

0*

Brita Holstad, Regional Director, UK & Norway

205,312

116,309

 58,155

 58,155

Douglas Taylor, Deputy Finance Director

178,222

100,962

 50,481

50,481

David Nisbet, Director, Corporate Affairs

202,728

114,845

57,423

57,423

 

* Paul Mayland has chosen not to exercise his Award at this time.

 

The above Awards (which are in the form of "nil-cost" options) 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 these vested Awards were 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 these Awards by the above individuals was previously announced by the Company on 28 March 2018.

 



 

2.         Subsequent sale of Shares

 

Following the exercises summarised in section 1. above, a total of 284,534 Shares that had been acquired by the individuals below were sold on their behalf at a price of £1.599 per Share on 3 April 2019, substantially 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

3 April 2019

 

Simon Thomson

119,503

James Smith

77,726

Brita Holstad

27,389

Douglas Taylor

24,281

David Nisbet

35,635

 

 

3.         Lapse of 2016 Awards under the 2009 LTIP

 

Cairn also announces that the remuneration committee of its board of directors has completed its assessment of the performance conditions governing the Awards over Shares that had originally been granted to the Executive Directors and PDMRs detailed below on 16 March 2016 under the 2009 LTIP.

 

The above assessment concluded that, over the applicable three-year performance period, the Company's total shareholder return was below the median ranking in the specified comparator group.  As a consequence, all these Awards lapsed immediately in full and have ceased to exist.

 

A summary of the above events is as follows:

 

Executive Director /

PDMR

 

Shares originally subject to Award

 

Total Shares that lapsed

Simon Thomson, Chief Executive

856,994

856,994

James Smith, Chief Financial Officer

557,395

557,395

Paul Mayland, Chief Operating Officer

479,208

479,208

Brita Holstad, Regional Director, UK & Norway

202,778

202,778

Richard Ember, Regional Director, International

193,512

193,512

Miles Warner, General Manager, Senegal

206,111

206,111

Douglas Taylor, Deputy Finance Director

174,119

174,119

David Nisbet, Director, Corporate Affairs

198,061

198,061

 

 

4.         Summary of current holdings of Executive Directors / PDMRs

 

Following the above exercises, sales nd lapses (and the 2019 LTIP Awards announced by the Company on 13 March 2019), 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 and 2017 LTIPs

 

Unvested Awards still subject to performance conditions

Vested but unexercised Awards*

Simon Thomson

1,211,397

1,340,358

0.227

2,172,120

0

James Smith

461,204

  545,080

0.092

1,412,759

0

Eric Hathon

31,759

   31,759

0.005

1,163,771

0

Paul Mayland

522,149

 522,149

0.089

1,214,590

134,880

Brita Holstad

157,783

188,549

0.032

   574,017

0

Richard Ember

49,402

 49,402

0.008

   500,280

69,932

Miles Warner

15,000

 15,000

0.003

   528,715

0

Douglas Taylor

212,389

238,589

0.040

   450,144

0

David Nisbet

85,271

107,059

0.018

   585,187

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 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

Simon Thomson

2

Reason for the notification

a)

Position/status

Chief Executive

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 19 March 2015.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£0

248,464

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

3 April 2019

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)

£1.599

119,503

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

3 April 2019

f)

Place of the transaction

London Stock Exchange

 

 

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 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 19 March 2015.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£0

161,602

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

3 April 2019

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)

£1.599

77,726

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

3 April 2019

f)

Place of the transaction

London Stock Exchange

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Brita Holstad

2

Reason for the notification

a)

Position/status

Regional Director, UK & Norway

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 19 March 2015.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£0

58,155

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

3 April 2019

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)

£1.599

27,389

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

3 April 2019

f)

Place of the transaction

London Stock Exchange

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Douglas Taylor

2

Reason for the notification

a)

Position/status

Deputy Finance Director

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 19 March 2015.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£0

50,481

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

 3 April 2019

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)

£1.599

24,281

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

3 April 2019

f)

Place of the transaction

London Stock Exchange

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

David Nisbet

2

Reason for the notification

a)

Position/status

Director, Corporate Affairs

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 19 March 2015.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£0

57,423

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

3 April 2019

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)

£1.599

35,635

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

3 April 2019

f)

Place of the transaction

London Stock Exchange

 

 

 

 

 

 


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