Last checked at 13 Mar 2019 10:56
FOR IMMEDIATE RELEASE 13 March 2019
CAIRN ENERGY PLC ("Cairn" or the "Company")
Interests of Directors / Persons Discharging Managerial Responsibility ("PDMRs")
in the Company's Shares
1. Grant of 2019 Awards under the Company's Long Term Incentive Plan (2017)
Cairn announces that, on 13 March 2019, the following Awards (in the form of "nil-cost" options) over its ordinary shares of 231/169 pence each ("Shares") were made under the Long Term Incentive Plan approved by shareholders in 2017 (the "2017 LTIP") to the undernoted Executive Directors and PDMRs of the Company:
Executive Director / PDMR | Number of Shares |
Simon Thomson, Chief Executive | 859,933 |
James Smith, Chief Financial Officer | 559,305 |
Eric Hathon, Director of Exploration | 460,732 |
Paul Mayland, Chief Operating Officer | 480,851 |
Brita Holstad, Regional Director, UK & Norway | 221,753 |
Richard Ember, Regional Director, International | 198,059 |
Miles Warner, General Manager, Senegal | 206,817 |
Douglas Taylor, Deputy Finance Director | 178,210 |
David Nisbet, Director, Corporate Affairs | 231,673 |
All Shares were awarded at £1.6770 per Share, being the mid-market closing price of a Share on 12 March 2019. 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.
2. Summary of current holdings of Executive Directors / PDMRs
Following the grant of the above Awards, the Executive Directors' and PDMRs' beneficial interests in the Shares of the Company are as follows:
Executive Director / PDMR | 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 | 1,211,397 | 0.205 | 3,029,114 | 248,464 |
James Smith | 461,204 | 0.078 | 1,970,154 | 161,602 |
Eric Hathon | 21,759 | 0.004 | 1,163,771 | 0** |
Paul Mayland | 522,149 | 0.089 | 1,693,798 | 134,880 |
Brita Holstad | 157,783 | 0.027 | 776,795 | 58,155 |
Richard Ember | 49,402 | 0.008 | 693,792 | 69,932 |
Miles Warner | 0 | 0 | 734,826 | 0** |
Douglas Taylor | 212,389 | 0.036 | 624,263 | 50,481 |
David Nisbet | 85,271 | 0.014 | 783,248 | 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 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 | 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 | 13 March 2019 | ||||
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 | 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 | 13 March 2019 | ||||
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 | 13 March 2019 | ||||
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 | 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 | 13 March 2019 | ||||
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 | 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 | 13 March 2019 | ||||
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 | 13 March 2019 | ||||
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 | 13 March 2019 | ||||
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 | 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 | 13 March 2019 | ||||
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 | 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 | 13 March 2019 | ||||
f) | Place of the transaction | London Stock Exchange | ||||