Last checked at 24 May 2017 10:15
FOR IMMEDIATE RELEASE 24 May 2017
CAIRN ENERGY PLC ("Cairn" or "the Company")
Interests of Person Discharging Managerial Responsibility ("PDMR")
in the Company's Shares
1. Exercise of Award under the Company's Long Term Incentive Plan (2009) ("the 2009 LTIP")
Cairn announces that, on 23 May 2017, it received a notice of exercise from the PDMR detailed below in relation to an Award 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 19 March 2014.
The relevant Award (which is in the form of a "nil-cost" option) 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 the vested Award 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:
PDMR |
Shares originally subject to Award | Total Shares that vested on 6 April 2017
|
Shares in respect of which Award became exercisable on 6 April 2017 |
Shares acquired on 23 May 2017 pursuant to the exercise of Award |
Brita Holstad, Regional Director, UK & Norway | 275,761 | 250,434 | 125,217 | 125,217 |
2. Subsequent sale of Shares
Following the exercise summarised in section 1. above, a total of 62,609 Shares that had been acquired by Brita Holstad were sold on her behalf on 23 May 2017 at a price of £2.188 per Share in order to fund the tax and social security liabilities arising on exercise.
3. Summary of current holdings of PDMR
Following the above exercise and sale, Brita Holstad'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* | ||||
Brita Holstad | 0 | 62,608 | 0.011 | 581,011 | 125,217 |
* 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 | 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 award (in the form of a nil-cost option) originally granted under the 2009 LTIP on 19 March 2014. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
e) | Date of the transaction | 2017-05-23 | ||||
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 | 2017-05-23 | ||||
f) | Place of the transaction | London Stock Exchange | ||||