Director/PDMR Shareholding

RNS Number : 3105U

Cairn Energy PLC

20 December 2011

 



FOR IMMEDIATE RELEASE                                                                                         20 December 2011

CAIRN ENERGY PLC ("Cairn" or the "Company")

Interests of Directors / Persons Discharging Managerial Responsibility ("PDMRs")

in the Company's Shares

1.         Vesting of awards under the Company's Long Term Incentive Plan 2006 (the "2006 LTIP")

Cairn announces that, on 16 December 2011, a total of 399,432 ordinary shares of ⁸/₁₃ pence each ("Ordinary Shares") vested in favour of certain Directors in respect of "Cairn India Awards" originally granted on 7 May 2008 under the 2006 LTIP.  Details of these vestings are as follows:

Director	Number of Cairn India Units originally subject to Cairn India Award	Number of Cairn India Units that vested on 16 December 2011	Number of Ordinary Shares to which the individual became entitled as a consequence of vesting *
Sir Bill Gammell	223,600	132,760	186,144
Dr Mike Watts	81,520	48,401	67,863
Jann Brown	116,460	69,146	96,950
Simon Thomson	58,230	34,573	48,475

*The number of Ordinary Shares to which a participant became entitled on the vesting of the above Cairn India Awards was calculated by reference to (i) a fair market value per Cairn India Limited share of INR 300.95 (being the closing price of such a share on the day preceding the vesting date); and (ii) a market value per Ordinary Share of £2.646 (being the closing middle market quotation of an Ordinary Share on the day preceding the vesting date).

In accordance with the rules of the 2006 LTIP, 50% of the above Ordinary Shares have been transferred to the relevant individuals by the trustee of the Company's Employee Benefit Trust (the "Trust") (save in the case of Sir Bill Gammell who, as a former Executive Director, is entitled to receive 100% of the above Ordinary Shares on vesting).  The remaining 50% of the Ordinary Shares will be withheld by the Trust and will be released to the relevant individuals on the expiry of a further holding period.

Following the above transfer, a total of 98,527 Ordinary Shares were sold on behalf of certain of the Directors at a price of £2.6042 per Ordinary Share on 19 December 2011 in order to fund the tax and national insurance liabilities arising on the vesting of their Awards.

Details of these sales / withholdings are set out below:

Director	Number of Ordinary Shares released on vesting	Number of Ordinary Shares sold on 19 December 2011	Number of Ordinary Shares that remain subject to holding period
Sir Bill Gammell	186,144	98,527	0
Dr Mike Watts	33,931	0	33,932
Jann Brown	48,475	0	48,475
Simon Thomson	24,237	0	24,238

2.         Additional transactions by Directors and PDMR

Cairn also announces that, on 19 December 2011:

·           Richard Heaton (a PDMR) and his spouse purchased 25,000 Ordinary Shares each at a price of £2.6042 per share:

·           Jann Brown gifted a total of 23,000 Ordinary Shares to her children and a total of 25,475 Ordinary Shares to her spouse.

3.         Summary of Current Holdings of Executive Directors / PDMR

Following this announcement, the beneficial interests of the aforementioned Directors / PDMR in the Company's Ordinary Shares are as follows:

(1)	(2)	(3)	(4)	(5)	(6)
Director / PDMR	Previous Ordinary Shares	Current Ordinary Shares	% Issued Share Capital	Outstanding Awards under the 2006 LTIP	Outstanding Awards under the 2009 LTIP
				Ordinary Shares (subject to holding period) *	Ordinary Shares
Sir Bill Gammell	3,229,856	3,317,473	0.236%	0	1,095,800
Dr Mike Watts	2,830,995	2,864,926	0.204%	33,932	1,229,510
Jann Brown	640,398	665,873	0.047%	48,475	1,069,540
Simon Thomson	876,604	900,841	0.064%	24,238	1,027,440
Richard Heaton	1,155,212	1,205,212	0.086%	0	642,525

* Under the 2006 LTIP, any Ordinary Shares not released immediately on vesting are not beneficially owned by the participant until the expiry of an additional holding period.  As a result, these Ordinary Shares have not been included in column (3) of the above table.

 

END

 

 

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