FOR IMMEDIATE RELEASE 15 April 2021
CAIRN ENERGY PLC ("Cairn" or "the Company")
Interests of Directors / Persons Discharging Managerial Responsibility ("PDMRs")
in the Company's Shares
1. Award of Free Shares under the Company's 2010 Share Incentive Plan
Cairn announces that, on 15 April 2021, it made its annual awards of up to £3,600 worth of ordinary shares of 21/13 pence each in the Company ("Ordinary Shares") to eligible employees under the "Free Share" element of the Company's HMRC approved all-employee Share Incentive Plan established in April 2010 (the "SIP"). No consideration was paid for the grant of these awards.
Details of the Executive Directors and PDMRs who participated in the award, having complied with the eligibility criteria in terms of the rules of the SIP, are as follows:
| Executive Director / PDMR | Number of Free Shares Awarded
|
| Simon Thomson, Chief Executive | 2,116 |
| James Smith, Chief Financial Officer | 2,116 |
| Eric Hathon, Director of Exploration | 2,116 |
| Paul Mayland, Chief Operating Officer | 2,116 |
The above awards were based on an Ordinary Share price of £1.701, being the closing price of a Cairn share on 14 April 2021. The Ordinary Shares awarded to participants in the SIP were existing shares previously purchased in the market. In accordance with the rules of the SIP, its Trustee will normally hold these Ordinary Shares on behalf of the relevant individuals throughout a holding period of five years from the date of award.
2. 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 and 2017 LTIPs
| |
| Unvested Awards still subject to performance conditions | Vested but unexercised Awards* | ||||
| Simon Thomson | 1,145,089 | 1,147,205 | 0.230 | 2,569,262 | 629,600 |
| James Smith | 465,928 | 468,044 | 0.094 | 1,671,063 | 409,496 |
| Eric Hathon | 42,266 | 44,382 | 0.009 | 1,376,551 | 337,324 |
| Paul Mayland | 546,234 | 548,350 | 0.110 | 1,427,817 | 352,055 |
* 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 | 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 | ||||
| Identification | GB00BN0SMB92 | |||||
| b) | Nature of the | Free shares awarded under the Company's all-employee Share Incentive Plan (2010) | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
| e) | Date of the transaction | 2021-04-15 | ||||
| f) | Place of the transaction | London Stock Exchange | ||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name | James Smith | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Chief Financial 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 | ||||
| Identification | GB00BN0SMB92 | |||||
| b) | Nature of the | Free shares awarded under the Company's all-employee Share Incentive Plan (2010) | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
| e) | Date of the transaction | 2021-04-15 | ||||
| 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 | ||||
| Identification | GB00BN0SMB92 | |||||
| b) | Nature of the | Free shares awarded under the Company's all-employee Share Incentive Plan (2010) | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
| e) | Date of the transaction | 2021-04-15 | ||||
| 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 | ||||
| Identification | GB00BN0SMB92 | |||||
| b) | Nature of the | Free shares awarded under the Company's all-employee Share Incentive Plan (2010) | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price |
Not applicable | ||||
| e) | Date of the transaction | 2021-04-15 | ||||
| f) | Place of the transaction | London Stock Exchange | ||||
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.
