Cairn Energy PLC Director/PDMR Shareholding (8872Q)

TIDMCNE

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   Date of vesting    Shares acquired 
                              of Award         of Award        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                      22 March 
      2013                          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 GBP1.8476 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   Current   % Issued        Outstanding entitlements 
                  Shares     Shares     Share            under 2009 and 2017 
                                       Capital                  LTIPs 
--------------  ---------  --------  ---------  ----------------------------------- 
                                                    Unvested            Vested 
                                                      Awards        but unexercised 
                                                      still             Awards* 
                                                     subject 
                                                  to performance 
                                                    conditions 
--------------  ---------  --------  ---------  ----------------  ----------------- 
 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/        Initial Notification 
        Amendment 
----  --------------------------  ---------------------------------- 
  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                  Ordinary shares of 231/169 pence 
        of the financial             each ("Shares") 
        instrument, 
        type of instrument 
---- 
       Identification               GB00B74CDH82 
        code 
----  --------------------------  ---------------------------------- 
  b)   Nature of                   Exercise of awards (in the form 
        the transaction             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                Price(s)    Volume(s) 
        volume(s)                  ----------  ---------- 
                                      GBP0       131,858 
                                   ----------  ---------- 
----  --------------------------  ---------------------------------- 
  d)    Aggregated                  Not applicable 
         information 
          *    Aggregated volume 
 
 
          *    Price 
----  --------------------------  ---------------------------------- 
  e)   Date of the                 2017-09-14 
        transaction 
----  --------------------------  ---------------------------------- 
  f)   Place of the                London Stock Exchange 
        transaction 
----  --------------------------  ---------------------------------- 
  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                  Ordinary shares of 231/169 pence 
        of the financial             each ("Shares") 
        instrument, 
        type of instrument 
---- 
       Identification               GB00B74CDH82 
        code 
----  --------------------------  ---------------------------------- 
  b)   Nature of                   Sale of Shares 
        the transaction 
----  --------------------------  ---------------------------------- 
  c)   Price(s) and                 Price(s)    Volume(s) 
        volume(s)                  -----------  ---------- 
                                    GBP1.8476     122,090 
                                   -----------  ---------- 
----  --------------------------  ---------------------------------- 
  d)    Aggregated                  Not applicable 
         information 
          *    Aggregated volume 
 
 
          *    Price 
----  --------------------------  ---------------------------------- 
  e)   Date of the                 2017-09-14 
        transaction 
----  --------------------------  ---------------------------------- 
  f)   Place of the                London Stock Exchange 
        transaction 
----  --------------------------  ---------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 15, 2017 05:44 ET (09:44 GMT)