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RNS Number : 8872Q
Cairn Energy PLC
15 September 2017
 

 

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")

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 14 June 2012, 20 March 2013 and 19 March 2014.

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£0

131,858

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")

Identification
code

GB00B74CDH82

b)

Nature of the transaction

Sale of Shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£1.8476

122,090

d)

Aggregated information

-   Aggregated volume

-   Price

 

 

Not applicable

e)

Date of the transaction

2017-09-14

f)

Place of the transaction

London Stock Exchange

 

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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