Last checked at 13 Apr 2017 11:16
FOR IMMEDIATE RELEASE 13 April 2017
CAIRN ENERGY PLC ("Cairn" or "the Company")
Interests of Directors / Persons Discharging Managerial Responsibility ("PDMRs")
in the Company's Shares
1. Award of Free Shares under the Company's 2010 Share Incentive Plan
Cairn announces that, on 13 April 2017, it made its annual awards of up to £3,600 worth of ordinary shares of 231/169 pence each in the Company ("Ordinary Shares") to eligible employees under the "Free Share" element of the Company's HMRC approved all-employee Share Incentive Plan established in April 2010 (the "SIP"). No consideration was paid for the grant of these awards.
Details of the Executive Directors and PDMRs who participated in the award, having complied with the eligibility criteria in terms of the rules of the SIP, are as follows:-
Executive Director / PDMR | Number of Free Shares Awarded
|
Simon Thomson, Chief Executive | 1,717 |
James Smith, Chief Financial Officer | 1,717 |
Richard Heaton, Director of Exploration | 1,717 |
Paul Mayland, Chief Operating Officer | 1,717 |
Douglas Taylor, Deputy Finance Director | 1,717 |
Richard Ember, Regional Director, International | 1,717 |
Brita Holstad, Regional Director (UK & Norway)* | 0 |
Miles Warner, General Manager, Senegal* | 0 |
*Ms Holstad and Mr Warner do not participate in the SIP as they are not UK resident tax payers.
The above awards were based on an Ordinary Share price of £2.096, being the mid-market price of a Cairn share as at close of business on 12 April 2017. The Ordinary Shares awarded to participants in the SIP were existing shares previously purchased in the market. In accordance with the rules of the SIP, its Trustee will normally hold these Ordinary Shares on behalf of the relevant individuals throughout a holding period of five years from the date of award.
2. Summary of current holdings of Executive Directors / PDMRs
Following this announcement, 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 | 1,009,023 | 1,010,740 | 0.173 | 1,734,184 | 435,822 |
James Smith | 217,204 | 218,921 | 0.038 | 1,127,924 | 283,461 |
Richard Heaton | 996,954 | 998,671 | 0.171 | 1,086,755 | 182,076 |
Paul Mayland | 317,085 | 318,802 | 0.055 | 955,396 | 236,589 |
Douglas Taylor | 162,160 | 163,877 | 0.028 | 352,341 | 88,548 |
Brita Holstad | 0 | 0 | 0 | 408,090 | 250,434 |
Richard Ember | 4,567 | 6,284 | 0.001 | 433,615 | 0** |
Miles Warner | 0 | 0 | 0 | 206,111 | 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 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) | 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 231/169 pence each ("Shares") | ||||
Identificationcode | GB00B74CDH82 | |||||
b) | Nature of thetransaction | Free shares awarded under the Company's all-employee Share Incentive Plan (2010) | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 13 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) | 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 231/169 pence each ("Shares") | ||||
Identificationcode | GB00B74CDH82 | |||||
b) | Nature of thetransaction | Free shares awarded under the Company's all-employee Share Incentive Plan (2010) | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 13 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) | 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 231/169 pence each ("Shares") | ||||
Identificationcode | GB00B74CDH82 | |||||
b) | Nature of thetransaction | Free shares awarded under the Company's all-employee Share Incentive Plan (2010) | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 13 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) | 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 231/169 pence each ("Shares") | ||||
Identificationcode | GB00B74CDH82 | |||||
b) | Nature of thetransaction | Free shares awarded under the Company's all-employee Share Incentive Plan (2010) | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 13 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) | 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 231/169 pence each ("Shares") | ||||
Identificationcode | GB00B74CDH82 | |||||
b) | Nature of thetransaction | Free shares awarded under the Company's all-employee Share Incentive Plan (2010). | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 13 April 2017 | ||||
f) | Place of the transaction | London Stock Exchange | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Richard Ember | ||||
2 | Reason for the notification | |||||
a) | Position/status | Regional Director, International | ||||
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 231/169 pence each ("Shares") | ||||
Identificationcode | GB00B74CDH82 | |||||
b) | Nature of thetransaction | Free shares awarded under the Company's all-employee Share Incentive Plan (2010) | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 13 April 2017 | ||||
f) | Place of the transaction | London Stock Exchange | ||||