FOR IMMEDIATE RELEASE 17 June 2016
CAIRN ENERGY PLC ('Cairn' or 'the Company')
Interests of Directors / Persons Discharging Managerial Responsibility ('PDMRs')
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 17 June 2016, it received notices of exercise from the Executive Director and PDMRs detailed below in relation to Awards over ordinary shares of pence each ('Shares') that had originally been granted under the rules of the 2009 LTIP on 14 June 2012.
These exercises relate to the proportions of the above Awards that originally vested on 17 June 2015 but which were subject to a further holding period of one year that expired on 17 June 2016.
A summary of the above events / transactions is as follows:
|
Executive Director /
PDMR
|
Shares originally subject to Award
|
Total Shares that vested on 17 June 2015
|
Additional Shares in respect of which Award became exercisable on 17 June 2016
|
Shares acquired on 17 June 2016 pursuant to the exercise of Award
|
|
Simon Thomson, Chief Executive
|
513,335
|
120,295
|
60,148
|
60,148
|
|
Richard Heaton, Director of Exploration
|
249,619
|
58,495
|
29,248
|
29,248
|
|
Paul Mayland, Chief Operating Officer
|
182,369
|
42,736
|
21,368
|
21,368
|
|
Douglas Taylor, Deputy Finance Director
|
116,903
|
27,395
|
13,698
|
13,698
|
The above Awards (which are in the form of 'nil-cost' options) vested, in part, on 17 June 2015 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 of one year. The exercise of the immediately exercisable portion of these Awards by the above individuals was previously announced by the Company on 29 June 2015.
2. Subsequent sale of Shares
Following the above exercises, a total of 58,619 Shares that had been acquired by the above individuals were sold on their behalf at a price of £1.8485 per Share on 17 June 2016 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 17 June 2016
|
|
Simon Thomson
|
28,327
|
|
Richard Heaton
|
13,775
|
|
Paul Mayland
|
10,064
|
|
Douglas Taylor
|
6,453
|
3. 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
|
699,399
|
731,220
|
0.127
|
2,693,978
|
231,033
|
|
James Smith
|
67,237
|
67,237
|
0.012
|
1,752,180
|
0**
|
|
Richard Heaton
|
834,089
|
849,562
|
0.147
|
1,487,735
|
96,520
|
|
Paul Mayland
|
114,260
|
125,564
|
0.022
|
1,476,427
|
125,418
|
|
Douglas Taylor
|
83,236
|
90,481
|
0.016
|
547,346
|
46,940
|
|
Richard Ember
|
1,762
|
1,762
|
0.0003
|
433,615
|
0**
|
|
Brita Holstad
|
0
|
0
|
0
|
683,851
|
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 were originally made prior to the commencement of employment of James Smith, Brita Holstad, Richard Ember and Miles Warner.