Last checked at 28 Mar 2018 09:31
FOR IMMEDIATE RELEASE 28 March 2018
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 2014 Awards under the Company's Long Term Incentive Plan 2009 ("the 2009 LTIP")
Cairn announces that, on 27 March 2018, it received notices of exercise from the Executive Directors 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 19 March 2014.
These exercises principally relate to the proportions of the above Awards that originally vested on 6 April 2017 but which were subject to a further holding period that expired on 22 March 2018.
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 | Additional Shares in respect of which Award became exercisable on 22 March 2018 | Shares acquired on 27 March 2018 pursuant to the exercise of Award |
Simon Thomson, Chief Executive | 959,794 | 871,643 | 435,822 | 435,822 |
James Smith, Chief Financial Officer | 624,256 | 566,922 | 283,461 | 283,461 |
Paul Mayland, Chief Operating Officer | 521,031 | 473,177 | 236,589 | 236,589 |
Brita Holstad, Regional Director, UK & Norway | 275,761 | 250,434 | 125,217 | 125,217 |
Douglas Taylor, Deputy Finance Director | 195,005 | 177,095 | 88,548 | 88,548 |
David Nisbet, Director, Corporate Affairs | 221,819 | 201,446 | 100,723 | 141,446 |
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 were immediately exercisable, with the balance becoming exercisable after a further holding period that expired on 22 March 2018 (subject to any dealing restrictions in place at that time). The exercise of the immediately exercisable portion of these Awards by the above individuals (other than David Nisbet) was previously announced by the Company on 7 April 2017 and 24 May 2017. Mr Nisbet did not become a PDMR until June 2017 and only part exercised the immediately exercisable proportion of his Award. Details of this exercise by Mr Nisbet were announced by the Company on 15 September 2017.
2. Vesting and Exercise of 2015 Awards under the Company's 2009 LTIP
Cairn also announces that, on 27 March 2018, 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 2015.
The above Awards (which are in the form of "nil-cost" options) vested, in part, on 26 March 2018 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 26 March 2018 | Shares in respect of which Award became exercisable on 26 March 2018 | Shares acquired on 27 March 2018 pursuant to the exercise of Award |
Simon Thomson, Chief Executive | 877,190 | 496,927 | 248,463 | 248,463 |
James Smith, Chief Financial Officer | 570,529 | 323,204 | 161,602 | 161,602 |
Paul Mayland, Chief Operating Officer | 476,188 | 269,760 | 134,880 | 134,880 |
Brita Holstad, Regional Director, UK & Norway | 205,312 | 116,309 | 58,154 | 58,154 |
Douglas Taylor, Deputy Finance Director | 178,222 | 100,962 | 50,481 | 50,481 |
David Nisbet, Director, Corporate Affairs | 202,728 | 114,845 | 57,422 | 57,422 |
3. Subsequent sale of Shares
Following the exercises summarised in sections 1 and 2 above, a total of 1,240,833 Shares that had been acquired by the individuals below were sold on their behalf at a price of £2.1015 per Share on 27 March 2018, 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 27 March 2018
|
Simon Thomson | 522,259 |
James Smith | 209,599 |
Paul Mayland | 174,941 |
Brita Holstad | 88,196 |
Douglas Taylor | 92,182 |
David Nisbet | 153,656 |
4. 2018 Awards under the Company's Long Term Incentive Plan (2017) ("the 2017 LTIP")
Cairn also announces that the following Awards (in the form of "nil-cost" options) over its Shares were made today under the 2017 LTIP to the undernoted Executive Directors and PDMRs of the Company:-
Executive Director / PDMR
| Number of Shares |
Simon Thomson, Chief Executive | 670,062 |
James Smith, Chief Financial Officer | 435,812 |
Eric Hathon, Director of Exploration | 359,003 |
Paul Mayland, Chief Operating Officer | 374,681 |
Brita Holstad, Regional Director, UK & Norway | 179,343 |
Richard Ember, Regional Director, International | 154,328 |
Miles Warner, General Manager, Senegal | 164,376 |
Douglas Taylor, Deputy Finance Director | 138,862 |
David Nisbet, Director, Corporate Affairs | 180,521 |
All Shares were awarded at £2.11 per Share, being the mid-market closing price of a Share on 27 March 2018. The vesting of the Awards (which, in the case of the Executive Directors, have been granted in accordance with the Company's directors' remuneration policy that was approved at the 2017 AGM) depends upon the extent to which specified performance conditions are met over a three year performance period.
5. Summary of current holdings of Executive Directors / PDMRs
Following the above exercises, sales and awards, 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 and 2017 LTIPs
| |
Unvested Awards still subject to performance conditions | Vested but unexercised Awards* | ||||
Simon Thomson | 1,013,563 | 1,175,589 | 0.200 | 2,169,181 | 248,464 |
James Smith | 221,744 | 457,208 | 0.078 | 1,410,849 | 161,602 |
Eric Hathon | 2,760 | 2,760 | 0.001 | 703,039 | 0** |
Paul Mayland | 321,625 | 518,153 | 0.088 | 1,212,947 | 134,880 |
Brita Holstad | 62,608 | 157,783 | 0.027 | 555,042 | 58,155 |
Richard Ember | 9,110 | 9,110 | 0.002 | 735,836 | 0** |
Miles Warner | 0 | 0 | 0 | 528,009 | 0** |
Douglas Taylor | 163,877 | 210,724 | 0.036 | 446,053 | 50,481 |
David Nisbet | 36,063 | 81,275 | 0.014 | 551,575 | 57,423 |
* 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 Awards included within this column for other individuals were originally made prior to the commencement of employment of Richard Ember, Miles Warner and Eric Hathon.
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 awards (in the form of nil-cost options) originally granted under the 2009 LTIP on 19 March 2014 and 19 March 2015. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 27 March 2018 | ||||
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 | 27 March 2018 | ||||
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 | Award (in the form of a nil-cost option) of a right to acquire Shares in the Company pursuant to the 2017 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 28 March 2018 | ||||
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 awards (in the form of nil-cost options) originally granted under the 2009 LTIP on 19 March 2014 and 19 March 2015. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 27 March 2018 | ||||
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 | 27 March 2018 | ||||
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 | Award (in the form of a nil-cost option) of a right to acquire Shares in the Company pursuant to the 2017 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 28 March 2018 | ||||
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 awards (in the form of nil-cost options) originally granted under the 2009 LTIP on 19 March 2014 and 19 March 2015. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 27 March 2018 | ||||
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 | 27 March 2018 | ||||
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 | Award (in the form of a nil-cost option) of a right to acquire Shares in the Company pursuant to the 2017 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 28 March 2018 | ||||
f) | Place of the transaction | London Stock Exchange | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Brita Holstad | ||||
2 | Reason for the notification | |||||
a) | Position/status | Regional Director, UK & Norway | ||||
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 awards (in the form of nil-cost options) originally granted under the 2009 LTIP on 19 March 2014 and 19 March 2015. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 27 March 2018 | ||||
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 | 27 March 2018 | ||||
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 | Award (in the form of a nil-cost option) of a right to acquire Shares in the Company pursuant to the 2017 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 28 March 2018 | ||||
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 awards (in the form of nil-cost options) originally granted under the 2009 LTIP on 19 March 2014 and 19 March 2015. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 27 March 2018 | ||||
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 | 27 March 2018 | ||||
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 | Award (in the form of a nil-cost option) of a right to acquire Shares in the Company pursuant to the 2017 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 28 March 2018 | ||||
f) | Place of the transaction | London Stock Exchange | ||||
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") | ||||
Identification code | GB00B74CDH82 | |||||
b) | Nature of the transaction | Exercise of awards (in the form of nil-cost options) originally granted under the 2009 LTIP on 19 March 2014 and 19 March 2015. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 27 March 2018 | ||||
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 | 27 March 2018 | ||||
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 | Award (in the form of a nil-cost option) of a right to acquire Shares in the Company pursuant to the 2017 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 28 March 2018 | ||||
f) | Place of the transaction | London Stock Exchange | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Eric Hathon | ||||
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 | Award (in the form of a nil-cost option) of a right to acquire Shares in the Company pursuant to the 2017 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 28 March 2018 | ||||
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) | 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 | Award (in the form of a nil-cost option) of a right to acquire Shares in the Company pursuant to the 2017 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 28 March 2018 | ||||
f) | Place of the transaction | London Stock Exchange | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Miles Warner | ||||
2 | Reason for the notification | |||||
a) | Position/status | General Manager, Senegal | ||||
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 | Award (in the form of a nil-cost option) of a right to acquire Shares in the Company pursuant to the 2017 LTIP. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 28 March 2018 | ||||
f) | Place of the transaction | London Stock Exchange | ||||