Last checked at 15 Sep 2017 10:44
FOR IMMEDIATE RELEASE 15 September 2017
CAIRN ENERGY PLC ("Cairn" or the "Company")
Interests of Person Discharging Managerial Responsibility ("PDMR")
in the Company's Shares
1. Exercise of Awards under the Company's Long Term Incentive Plan (2009) (the "2009 LTIP")
Cairn announces that, on 14 September 2017, it received notices of exercise from the PDMR detailed below in relation to Awards over the Company's ordinary shares of 231/169 pence each ("Shares") that had originally been granted under the rules of the 2009 LTIP on 14 June 2012, 20 March 2013 and 19 March 2014:
PDMR | Date of grant of Award | Date of vesting of Award | Shares acquired on 14 September 2017 pursuant to the exercise of Award |
David Nisbet, Director, Corporate Affairs | 14 June 2012 | 17 June 2015 | 18,464 |
20 March 2013 | 22 March 2016 | 53,394 | |
19 March 2014 | 6 April 2017 | 60,000 | |
|
| Total | 131,858 |
The above Awards (each of which is in the form of a "nil-cost" option) had previously vested following the expiry of a specified three-year performance period. The extent of such vesting reflected the fact that the Company's total shareholder over that period was above the median ranking in the applicable comparator group.
2. Subsequent sale of Shares
Following the exercises summarised in section 1. above, a total of 122,090 Shares that had been acquired by David Nisbet were sold on his behalf on 14 September 2017 at a price of £1.8476 per Share.
3. Summary of current holdings of PDMR
Following the above exercise and sale, David Nisbet's beneficial interest in the Shares of the Company is as follows:
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* | ||||
David Nisbet | 26,295 | 36,063 | 0.006 | 573,782 | 141,446 |
* 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 | 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") | ||||
Identificationcode | GB00B74CDH82 | |||||
b) | Nature of the transaction | Exercise of awards (in the form of nil-cost options) originally granted under the 2009 LTIP on 14 June 2012, 20 March 2013 and 19 March 2014. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 2017-09-14 | ||||
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") | ||||
Identificationcode | 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 | 2017-09-14 | ||||
f) | Place of the transaction | London Stock Exchange | ||||