FOR IMMEDIATE RELEASE 3 February 2021
CAIRN ENERGY PLC ("Cairn" or "the Company")
Interests of Directors / Persons Discharging Managerial Responsibility ("PDMRs")
in the Company's Shares
1. Purchase of Dividend Shares under the Company's 2010 Share Incentive Plan (the "SIP" or the "Plan")
Following the payment of the special dividend that was approved at the Company's general meeting held on 8 January 2021 (the "Special Dividend"), Cairn announces that, on 2 February 2021, the trustee of the Company's HMRC approved all-employee SIP purchased ordinary shares of 21/13 pence each in the Company ("Ordinary Shares") in the market at a price of £1.773 per Ordinary Share on behalf of those participants in the SIP who had elected to reinvest in further shares the Special Dividend payable on their holdings under the Plan.
As explained in the circular to shareholders dated 17 December 2020, any Ordinary Shares purchased in the above manner are classed as "Dividend Shares" for the purposes of the SIP and are subject to a mandatory three-year holding period during which they cannot normally be sold or otherwise withdrawn from the Plan. Any SIP participant who did not elect to reinvest in Dividend Shares received their Special Dividend in cash.
Details of the Executive Directors and PDMRs who elected to reinvest the Special Dividend payable on their holdings in the SIP are as follows:
|
Director / PDMR
| Number of Dividend Shares Acquired
|
|
Simon Thomson, Chief Executive
| 6,233 |
|
Eric Hathon, Director of Exploration
| 2,224 |
|
Paul Mayland, Chief Operating Officer
| 6,177 |
|
Douglas Taylor, Deputy Finance Director
| 4,221 |
2. Summary of current holdings of Executive Directors / PDMRs
Following this announcement, the Executive Directors' and PDMRs' beneficial interests in the Ordinary Shares of the Company are as follows:
| Executive Director / PDMR | Previous Shares* | Current Shares | % Issued Share Capital | Outstanding entitlements under 2017 LTIP
| |
| Unvested Awards still subject to performance conditions | Vested but unexercised Awards** | ||||
| Simon Thomson | 1,138,856 | 1,145,089 | 0.229% | 2,416,842 | 176,128 |
| James Smith | 465,928 | 465,928 | 0.093% | 1,571,928 | 114,555 |
| Eric Hathon | 40,042 | 42,266 | 0.008% | 1,294,887 | 94,365 |
| Paul Mayland | 540,057 | 546,234 | 0.109% | 1,351,433 | 98,486 |
| Miles Warner | 12,692 | 12,692 | 0.003% | 588,749 | 42,889 |
| Douglas Taylor | 203,739 | 207,960 | 0.042% | 508,067 | 36,232 |
| David Nisbet | 95,295 | 95,295 | 0.019% | 651,118 | 47,101 |
* This share number is the relevant holding following the 11 for 13 ordinary share consolidation that took place on 11 January 2021.
** 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 2017 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 | Simon Thomson | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Executive | ||||
| b) | Initial | 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 21/13 pence each ("Shares") | ||||
| Identification | GB00BN0SMB92 | |||||
| b) | Nature of the | Shares purchased under the Company's all-employee Share Incentive Plan (2010) following an election to reinvest a special dividend. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
| e) | Date of the transaction | 2 February 2021 | ||||
| f) | Place of the transaction | London Stock Exchange | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Eric Hathon | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Director of Exploration | ||||
| b) | Initial | 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 21/13 pence each ("Shares") | ||||
| Identification | GB00BN0SMB92 | |||||
| b) | Nature of the | Shares purchased under the Company's all-employee Share Incentive Plan (2010) following an election to reinvest a special dividend. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
| e) | Date of the transaction | 2 February 2021 | ||||
| f) | Place of the transaction | London Stock Exchange | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Paul Mayland | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Operating Officer | ||||
| b) | Initial | 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 21/13 pence each ("Shares") | ||||
| Identification | GB00BN0SMB92 | |||||
| b) | Nature of the | Shares purchased under the Company's all-employee Share Incentive Plan (2010) following an election to reinvest a special dividend. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
| e) | Date of the transaction | 2 February 2021 | ||||
| f) | Place of the transaction | London Stock Exchange | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | Douglas Taylor | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Deputy Finance Director | ||||
| b) | Initial | 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 21/13 pence each ("Shares") | ||||
| Identification | GB00BN0SMB92 | |||||
| b) | Nature of the | Shares purchased under the Company's all-employee Share Incentive Plan (2010) following an election to reinvest a special dividend. | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
| e) | Date of the transaction | 2 February 2021 | ||||
| f) | Place of the transaction | London Stock Exchange | ||||
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