28th Apr 2005 12:28
Cairn Energy PLC28 April 2005 FOR IMMEDIATE RELEASE 28 April 2005 CAIRN ENERGY PLC ("Cairn" or "the Company") Directors' Interests in Shares Awards under the Company's Long Term Incentive Plan ("LTIP") Cairn announces that on 19 April 2005, a total of 644,834 Ordinary shares of 10peach in the Company vested in favour of certain of the Executive Directors underthe LTIP. Under the LTIP Rules, 50% of the shares are to be released within 30days of vesting by the Company's Employees' Share Trust ("the Trust") to theExecutive Directors. The balance of the shares is withheld by the Trust and released to the individuals after one year. Cairn also announces that it has today been notified by the Trustee of the Trustthat a total of 613,808 Ordinary shares were released by the Trust on 27 April2005 to certain Executive Directors of the Company under the LTIP. The sharescomprise (i) 322,415 of the 644,834 Ordinary shares of 10p each in the Companywhich vested on 19 April 2005; and (ii) 291,393 Ordinary shares of 10p each inthe Company which were released to certain Executive Directors following theexpiry of the one year withholding period in respect of an LTIP award whichvested on 10 March 2004. Details of the shares vesting and the shares releasedfrom the Trust are as follows:- Director Shares released pursuant to Shares released pursuant to Total vesting on 19 April 2005 expiry of withholding shares period released Bill Gammell 88,357 102,534 190,891Mike Watts 79,686 62,953 142,639Kevin Hart 79,686 62,953 142,639Malcolm Thoms 74,686 62,953 137,639Phil Tracy - - - Following the release of shares from the Trust, the Executive Directors sold atotal of 702,507 shares on 27 April 2005 at a price of £11.90 per share. Detailsof the share sales and the resulting effect on the Directors' shareholdings areset out below:- Director Shareholding before Shareholding after Shares New vesting on 19 April vesting on 19 April Sold* Shareholding 2005 2005Bill Gammell 1,095,000 1,271,715 131,715 1,110,000**Mike Watts 250,000 409,373 134,373 275,000Kevin Hart 290,000 449,373 248,780 200,593Malcolm Thoms 315,002 464,375 187,639 276,736 *includes shares sold to cover income tax and national insurance liabilities.** Bill Gammell is not a beneficiary of a Trust which holds 30,000 Cairn shares.His "New Shareholding" reflect this. Cairn also announces that today the following awards were made under the LTIP toDirectors of the Company at a price of £11.90 per share (being the mid-marketclosing price on 27 April 2005):- Director Number of Ordinary Shares under Number of Notional Shares under Tier One Tier Two Bill Gammell 53,500 71,400Mike Watts 36,500 60,900Kevin Hart 33,400 55,600Malcolm 33,400 55,600ThomsPhil Tracy 31,500 42,000 Following this announcement, the Executive Directors' beneficial interests inthe Ordinary shares of the Company are as follows:- Director Number of Percentage of Number of Outstanding Ordinary Issued Share Share Shares Capital Options Awards under LTIP Tier Tier One TwoBill Gammell 1,110,000 0.70 - 246,500 251,400Mike Watts 275,000 0.17 - 172,500 190,900Kevin Hart 200,593 0.13 - 152,400 185,600Malcolm Thoms 276,736 0.17 - 152,400 185,600Phil Tracy 5,000 0.003 - 162,500 123,000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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