Source - LSE Regulatory
RNS Number : 8469K
Cairn Energy PLC
07 January 2021


FOR IMMEDIATE RELEASE                                                                             7 January 2021






Return of US$250 million to shareholders and Share Consolidation


On 17 December 2020 Cairn announced details of a proposed special dividend of 32 pence per eligible ordinary share, amounting to a return of approximately US$250m to shareholders and a consolidation of Cairn's ordinary share capital.


The consolidation ratio for the Share Consolidation will be 11 New Ordinary Shares for every 13 Existing Ordinary Shares held at the Record Time. The nominal value of the New Ordinary Shares will be 21/13 pence per New Ordinary Share.


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).


Key dates


General Meeting

9.00 a.m. on 8 January 2021


Latest time and date for dealings in Existing

Ordinary Shares



4.30 p.m. on 8 January 2021


Record Time for entitlement to the Special

Dividend and to determine the Existing Ordinary

Shares subject to the Share Consolidation (Existing Ordinary Share register closed and

Existing Ordinary Shares disabled in CREST)






6.00 p.m. on 8 January 2021


Listing of the New Ordinary Shares (marked ex-entitlement to Special Dividend)



8.00 a.m. on 11 January 2021


Dealings in the New Ordinary Shares commence and enablement in CREST in respect of uncertificated New Ordinary Shares




8.00 a.m. on 11 January 2021


CREST accounts to be credited with New Ordinary Shares


On or soon after 8.00 a.m.
on 11 January 2021


Despatch of share certificates in respect of

certificated New Ordinary Shares



25 January 2021


Payment of Special Dividend to Eligible




25 January 2021



Notes to Editors

Unless otherwise stated, defined terms set out in this announcement have the same meaning as in the Circular posted to Shareholders dated 17 December 2020.






David Nisbet, Corporate Affairs

Tel: 0131 475 3000


Linda Bain, Corporate Affairs

Tel: 0131 475 3000

Patrick Handley/David Litterick, Brunswick Group LLP

Tel: 0207 404 5959



About Cairn Energy PLC

Cairn is one of Europe's leading independent oil and gas exploration and development companies and

has been listed on the London Stock Exchange for 30 years.  Cairn has explored, discovered, developed and produced oil and gas in a variety of locations throughout the world as an operator and partner in all stages of the oil and gas lifecycle. 


Cairn's exploration activities have a geographical focus in the North Sea, West Africa and Latin America, underpinned by interests in production in the UK North Sea. Cairn has its headquarters in Edinburgh, Scotland, supported by operational offices in London and Mexico.


For further information on Cairn please see:

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.