Last checked at 26 Mar 2018 15:43
FOR IMMEDIATE RELEASE 26 March 2018
CAIRN ENERGY PLC ("Cairn" or "the Company")
Additional / Block Listing Applications
1. Additional listing of shares issued to employee benefit trust
Application has been made for 5,650,000 ordinary shares of 231/169 pence each in the Company ("Shares") to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities.
These Shares are being issued and allotted to the Cairn Energy PLC Employees' Share Trust (2003) for the purposes of satisfying awards granted under certain of the Company's share schemes.
These Shares shall rank pari passu with the existing issued shares of the Company and it is expected that admission will become effective on 28 March 2018.
2. Block listing of shares to be issued in connection with option plans
Application has also been made for the admission of a further 3,330,549 Shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities.
These Shares are being reserved under a block listing and will be issued, as and when required, pursuant to the exercise of options granted under the Cairn Energy PLC Approved Share Option Plan (2009) (the "Approved Plan")and the Cairn Energy PLC Unapproved Share Option Plan (2009) (the "Unapproved Plan"). The allocation of the block listing between these two arrangements is as follows:
· 15,437 Shares for the Approved Plan; and
· 3,315,112 Shares for the Unapproved Plan.
On issue, the Shares reserved under the block listing will be fully paid and will rank pari passu in all respects with the existing issued shares of the Company.
It is expected that the block listing will become effective on 28 March 2018.