Last checked at 7 Apr 2017 13:56
FOR IMMEDIATE RELEASE 7 April 2017
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 2013 Awards under the Company's Long Term Incentive Plan 2009 ("the 2009 LTIP")
Cairn announces that, on 6 April 2017, it received notices of exercise from the Executive Director 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 20 March 2013.
These exercises relate to the proportions of the above Awards that originally vested on 22 March 2016 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 22 March 2016 | Additional Shares in respect of which Award became exercisable on 6 April 2017 | Shares acquired on 6 April 2017 pursuant to the exercise of Award |
Simon Thomson, Chief Executive | 565,732 | 462,065 | 231,033 | 231,033 |
Richard Heaton, Director of Exploration | 236,350 | 193,040 | 96,520 | 96,520 |
Paul Mayland, Chief Operating Officer | 307,112 | 250,835 | 125,418 | 125,418 |
Douglas Taylor, Deputy Finance Director | 114,942 | 93,879 | 46,940 | 46,940 |
The above Awards (which are in the form of "nil-cost" options) vested, in part, on 22 March 2016 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 23 March 2016.
2. Vesting and Exercise of 2014 Awards under the Company's 2009 LTIP
Cairn also announces that, on 6 April 2017, it received notices of exercise from the Executive Directors and PDMRs detailed below in relation to Awards over Shares that had originally been granted under the rules of the 2009 LTIP on 19 March 2014.
The above Awards (which are in the form of "nil-cost" options) vested, in part, on 6 April 2017 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 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:
Executive Director / PDMR | Shares originally subject to Award | Total Shares that vested on 6 April 2017 | Shares in respect of which Award became exercisable on 6 April 2017 | Shares acquired on 6 April 2017 pursuant to the exercise of Award |
Simon Thomson, Chief Executive | 959,794 | 871,643 | 435,821 | 435,821 |
James Smith, Chief Financial Officer | 624,256 | 566,922 | 283,461 | 283,461 |
Richard Heaton, Director of Exploration | 400,980 | 364,152 | 182,076 | 182,076 |
Paul Mayland, Chief Operating Officer | 521,031 | 473,177 | 236,588 | 236,588 |
Brita Holstad, Regional Director, UK & Norway | 275,761 | 250,434 | 125,217 | 0* |
Douglas Taylor, Deputy Finance Director | 195,005 | 177,095 | 88,547 | 88,547 |
* Ms. Holstad has chosen not to exercise her Award at this time.
3. Subsequent sale of Shares
Following the exercises summarised in sections 1 and 2 above, a total of 888,042 Shares that had been acquired by the individuals below were sold on their behalf at a price of £2.0122 per Share on 6 April 2017, 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 6 April 2017 |
Simon Thomson | 389,051 |
James Smith | 133,494 |
Richard Heaton | 131,204 |
Paul Mayland | 170,485 |
Douglas Taylor | 63,808 |
4. Summary of current holdings of Executive Directors / PDMRs
Following the above exercises and sales, 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 | 731,220 | 1,009,023 | 0.173 | 1,734,184 | 435,822 |
James Smith | 67,237 | 217,204 | 0.037 | 1,127,924 | 283,461 |
Richard Heaton | 849,562 | 996,954 | 0.171 | 1,086,755 | 182,076 |
Paul Mayland | 125,564 | 317,085 | 0.054 | 955,396 | 236,589 |
Brita Holstad | 0 | 0 | 0 | 408,090 | 250,434 |
Richard Ember | 4,567 | 4,567 | 0.001 | 433,615 | 0** |
Miles Warner | 0 | 0 | 0 | 206,111 | 0** |
Douglas Taylor | 90,481 | 162,160 | 0.028 | 352,341 | 88,548 |
* 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 for other individuals were originally made prior to the commencement of employment of Richard Ember and Miles Warner.
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 award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 20 March 2013. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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 | Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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 award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
f) | Place of the transaction | London Stock Exchange | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Richard Heaton | ||||
2 | Reason for the notification | |||||
a) | Position/status | Director of Exploration | ||||
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 20 March 2013. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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 | Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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 20 March 2013. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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 | Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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 award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 20 March 2013. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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 | Exercise of award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
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) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 6 April 2017 | ||||
f) | Place of the transaction | London Stock Exchange | ||||