Share Name Share Symbol Market Type Share ISIN Share Description
Cairn Energy Plc LSE:CNE London Ordinary Share GB00BN0SMB92 ORD 21/13P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.20 -0.71% 167.40 179,297 13:30:13
Bid Price Offer Price High Price Low Price Open Price
167.30 167.50 171.00 164.40 164.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 288.69 -85.87 -49.43 836
Last Trade Time Trade Type Trade Size Trade Price Currency
13:29:25 AT 88 167.40 GBX

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Cairn Energy Daily Update: Cairn Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker CNE. The last closing price for Cairn Energy was 168.60p.
Cairn Energy Plc has a 4 week average price of 160.50p and a 12 week average price of 160.50p.
The 1 year high share price is 240p while the 1 year low share price is currently 86.85p.
There are currently 499,106,690 shares in issue and the average daily traded volume is 821,420 shares. The market capitalisation of Cairn Energy Plc is £835,504,599.06.
dunderheed: Sal and to be clear I am not a holder of CNE or intend to be for some time, is the difference not, that VOD are still continuing to work in India whereas CNE are not? Whilst it may exclude CNE from partaking in India in the future, perhaps that is a risk they are willing to take? Who knows? Perhaps we will see "cant pay wont pay" bailiffs on an Indian warship, claiming repossession on CNE behalf, in the future?!
zangdook: aiui, imho etc Because the dividend was being paid in conjunction with a share consolidation, it doesn't work the same as a regular dividend. In this case, the old shares were traded up until close of business on the 8th; the new shares replaced them (in effect over the weekend) and were traded starting on the 11th. So if you sold on the 8th, you were selling old shares, along with their dividend entitlement. Whoever owned the (metamorphosing) shares over that weekend gets the dividend. " Listing of the New Ordinary Shares (marked ex-entitlement to Special Dividend) - 8.00 a.m. on 11 January 2021" I doubt that anyone who sold early because of misinformation from a broker would get the full dividend in compensation - they'd look at the numbers and see how much was actually lost. In this case, not much because of the fall in the share price If you were hoping to convert capital to income for tax reasons you might have a claim based on whatever harm the loss of that opportunity caused you.
rationaleee: So with a divi of £188mn in shareholders' pockets on Monday, next week, would it be reasonable to assume a certain percentage of the shareholders would reinvest and increase their stake in CNE vs the £2.10 share price pre ex divi? Even if £50mn out of the £188mn gets reinvested by shareholders from Monday onwards, lets say at a price of c.£1.90 - thats a sizeable 26 million share purchase, against the current volume of c.1mn shares per day? How does that volume get worked through over a few days time? Also ShortTrackers twitter handle tweeted, exactly on Jan 11th, ex-divi date, that there was a new shorter declared, although its not visible on their website. Maybe they are collecting shares now by walking the share price down, as seen from Jan 11th, only to sell it to feed the above shareholder purchases post 25th Jan? CNE said the share price should have been fairly stable around c.£2.10 post ex divi date but there has been a retrace of c.25p already from £2.10, that you might have expected in a stock post ex divi but without the share consolidation. Any thoughts?
zangdook: They paid a dividend. They had a share consolidation. The market fell. Those are three separate things. Some people don't like share consolidations as they're seen as an invitation to the share price to fall, and this case doesn't disprove that, though the way they set it up with the simultaneous dividend, aiming to maintain the share price, may have worked against that effect; it may just have been external conditions and I hope it was because I'd like to get my money back. Looking at the chart, it may have risen too far after the dividend was declared because of people wanting to convert capital to income for tax reasons. That's what I was doing, and now I'm getting my comeuppance. Perhaps I'll have to hold on until India pays up one fine day.
dunderheed: p@ - look at my posts on this week I think. I personally think it will be classified a div for CT purposes but with the "capital re-organisation" there is an argument it could be classified as CGT but I don't think HMRC would see it that way? However as I explained to some posters on here the rationale behind the numbers I did mention it "looked" like a capital return - but I am certainly not a tax expert. It must be remembered as well - Senegal sold for a loss I believe - but released CNE from (probably relatively high!) capex programme costs from WPL that cNE certainly didn't look like they had? EDIT - see below: 3 Dunderheed11 Jan '21 - 09:54 - 4560 of 4610 Edit 0 0 0 DW what has happened is $250 mm returned to share holders but at same time shares reduced by circa 90mm. The two equate roughly so share holders have $250 mm in their pockets and share price roughly the same. It is effectively a capital to income transfer for shareholders. CT payable as opposed to CGT if you sold the proportionate amount of "reduced" shares versus the div received.
dunderheed: Well it isn't an exact science and the market has obviously marked down more than the "cash" return, which it may well have done anyway regardless of payment of div. (because I "personally" think CNE overvalued anyway!). The impact would have been more severe with regard to share price dropping had this not been followed and that was the desired result, ie not simply large share price drop following the pay out plus possible further (non avoidable) market impacts regarding perceived company valuation. IMHO.
frazboy: Folk need to also consider that the share price prior to the announcement was factoring in the possibility of a win - The company's cash resource were known (suitably adjusted for SNE) and Kraken and Catcher are increasingly mature with predictable cash flows at the prevailing POO. I had about 40p per share of value in the share price for India prior to this mornings announcement.
leedslad001: The share price will not fall read the RNS Following completion of this sale, Cairn will pay a special dividend of 32 pence per eligible ordinary share amounting to a return of approximately US$250m or GBP188m to shareholders and complete a consolidation of Cairn's ordinary share capital. The special dividend is expected to be paid on 25 January 2021 to those on the register on 8 January 2021.The Share Consolidation will reduce the number of Cairn's issued ordinary shares by an amount that reflects the value of the Return of Cash to Shareholders relative to the market capitalisation of Cairn prior to the Return of Cash. The aim of this is to ensure, so far as possible, the market price of an ordinary share remains approximately the same before and after the Proposed Return of Cash and to maintain comparability of historical and future per share data. The Share Consolidation will reduce the number of ordinary shares in Cairn which shareholders own, but not the proportion (subject to allowance for fractional entitlements).
frazboy: I'm with Dunderheed. The share price is pricing in (increasingly) good news from the arbitration - the cash flow impact of the oil price due to the vaccine isn't the cause of the share price rise.
hoper2: hsfinch The CNE share price is all about the poo, production from Catcher/Kracken, the prospect of 40,000 bpd from Senegal and the hope that they win the court case with India. If Mexico proves to be a complete dud I'd be surprised if we see any significant drop in the SP, it's just a gamble and the market knows it. To compare Cairn Mexico to what happened to Tullow Guyana makes no sense.
Cairn Energy share price data is direct from the London Stock Exchange
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