Director/PDMR Shareholding

RNS Number : 5510R
Cairn Energy PLC
05 November 2021
 

 

 

FOR IMMEDIATE RELEASE  5 November 2021

 

 

 

 

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

 

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

in the Company's Shares

 

 

1.  Sale of Shares

 

Cairn announces that, across 3 and 4 November 2021, James Smith, CFO, sold 443,725 ordinary shares of 21/13 pence each in the Company ("Ordinary Shares") at an average price of £1.90 per share.

 

As part of his personal tax planning arrangements, Mr Smith sought permission to sell the above noted number of Ordinary Shares ahead of the Company's anticipated special dividend that it has previously announced will be paid following receipt of any Indian tax refund. As this will temporarily reduce his holding in Cairn below the level required by the "in service" element of the Company's shareholding guidelines for Executive Directors (which currently require individuals to build up and maintain a target holding equal to 200% of salary), Mr Smith has confirmed to the Cairn Remuneration Committee that, within a period of 12 months following the payment of any such special dividend, he will take the steps necessary to ensure that he is once again in compliance with these requirements. The Remuneration Committee confirms that none of the Ordinary Shares being sold are subject to any post-vesting holding period and that, following the disposal, the value of his remaining holding (which includes the net-of-tax value of his vested but unexercised LTIP awards detailed below) is equal to approximately 122% of salary.

 

2.   Summary of current holdings of Executive Director

 

Following this announcement, James Smith's beneficial interests in the Shares of the Company is as follows:

 

 

Executive Director

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*

James Smith

471,158

27,433

0.005

1,671,063

409,496

 

* 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

James Smith

2

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial
notification/ Amendment

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
code

GB00BN0SMB92

b)

Nature of the
transaction

Sale of ordinary shares of 21/13 pence each

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£1.90

96,201

d)

Aggregated information

Aggregated volume

Price

 

 

Not applicable

e)

Date of the transaction

2021-11-03

f)

Place of the transaction

London Stock Exchange

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

 

Identificationcode

Ordinary shares of 21/13 pence each

 

 

GB00BN0SMB92

b)

Nature of the transaction

Sale of ordinary shares of 21/13 pence each

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£1.90

347,524

d)

Aggregated information

Aggregated volume

Price

   Not applicable

e)

Date of the transaction

  2021-11-04

f)

Place of the transaction

  London Stock Exchange

 

 

 

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