Last checked at 5 Nov 2021 16:13
FOR IMMEDIATE RELEASE 5 November 2021
CAIRN ENERGY PLC ("Cairn" or "the Company")
Interests of Directors / Persons Discharging Managerial Responsibility ("PDMRs")
in the Company's Shares
1. Sale of Shares
Cairn announces that, across 3 and 4 November 2021, James Smith, CFO, sold 443,725 ordinary shares of 21/13 pence each in the Company ("Ordinary Shares") at an average price of £1.90 per share.
As part of his personal tax planning arrangements, Mr Smith sought permission to sell the above noted number of Ordinary Shares ahead of the Company's anticipated special dividend that it has previously announced will be paid following receipt of any Indian tax refund. As this will temporarily reduce his holding in Cairn below the level required by the "in service" element of the Company's shareholding guidelines for Executive Directors (which currently require individuals to build up and maintain a target holding equal to 200% of salary), Mr Smith has confirmed to the Cairn Remuneration Committee that, within a period of 12 months following the payment of any such special dividend, he will take the steps necessary to ensure that he is once again in compliance with these requirements. The Remuneration Committee confirms that none of the Ordinary Shares being sold are subject to any post-vesting holding period and that, following the disposal, the value of his remaining holding (which includes the net-of-tax value of his vested but unexercised LTIP awards detailed below) is equal to approximately 122% of salary.
2. Summary of current holdings of Executive Director
Following this announcement, James Smith's beneficial interests in the Shares of the Company is as follows:
Executive Director | 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* | ||||
James Smith | 471,158 | 27,433 | 0.005 | 1,671,063 | 409,496 |
* 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 | James Smith | |||||
2 | Reason for the notification | ||||||
a) | Position/status | Chief Financial Officer | |||||
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 21/13 pence each | |||||
Identificationcode | GB00BN0SMB92 | ||||||
b) | Nature of thetransaction | Sale of ordinary shares of 21/13 pence each | |||||
c) | Price(s) and volume(s) |
| |||||
d) | Aggregated information - Aggregated volume - Price |
- Not applicable | |||||
e) | Date of the transaction | 2021-11-03 | |||||
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
Identification code | Ordinary shares of 21/13 pence each
GB00BN0SMB92 | |||||
b) | Nature of the transaction | Sale of ordinary shares of 21/13 pence each | |||||
c) | Price(s) and volume(s) |
| |||||
d) | Aggregated information - Aggregated volume Price | Not applicable | |||||
e) | Date of the transaction | 2021-11-04 | |||||
f) | Place of the transaction | London Stock Exchange | |||||