26th Apr 2006 09:06
Cairn Energy PLC26 April 2006 FOR IMMEDIATE RELEASE 26 April 2006 CAIRN ENERGY PLC ("Cairn" or "the Company") Interests of Directors/Persons Discharging Managerial Responsibility ("PDMRs") in the Company's Shares Awards under the Company's Long Term Incentive Plan ("LTIP") Cairn announces that on 20 April 2006, a total of 889,214 Ordinary Shares of 10peach in the Company vested in favour of the Executive Directors and PDMRs 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/PDMRs. The balance of the shares is withheld by the Trustand 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 817,024 Ordinary Shares were released by the Trust on 24 April2006 to the Executive Directors and certain PDMRs of the Company under the LTIP.The shares comprise (i) 444,605 of the 889,214 Ordinary Shares which vested on20 April 2006 and (ii) 372,419 Ordinary Shares which were released to certainExecutive Directors/PDMRs following the expiry of the one year withholdingperiod in respect of an LTIP award which vested on 19 April 2005. Details of theshares vesting and the shares released from the Trust are as follows:- Director/ Shares Shares released Shares released TotalPDMR vesting on pursuant to vesting pursuant to expiry of shares 20 April on 20 April 2006 withholding period released 2006 Sir BillGammell, 193,775 96,887 88,358 185,245ChiefExecutive Mike Watts, 161,775 80,887 79,687 160,574ExplorationDirector Kevin Hart, 144,775 72,387 79,687 152,074FinanceDirector Malcolm 144,775 72,387 74,687 147,074Thoms,ChiefOperatingOfficer Phil Tracy, 73,038 36,519 - 36,519Engineering&OperationsDirector Jann Brown, 73,038 36,519 25,000 61,519GroupFinancialController Richard 25,000 12,500 - 12,500Heaton,Head ofExploration-India Simon 73,038 36,519 25,000 61,519Thomson,GroupCommercialManager Following the release of shares from the Trust, the Executive Directors/PDMRssold a total of 830,559 shares at a price of £24.0824 per share on 25 April2006. Details of the share sales and the resulting effect on the Directors'/PDMRs' shareholdings are set out below:- Shareholding before Shareholding after Shares New vesting on 20 April vesting on 20 April Shareholding 2006 2006Director Sold*/PDMR Sir BillGammell 800,000 993,775 188,775 805,000 Mike 275,000 436,775 136,775 300,000Watts Kevin 100,593 245,368 145,368 100,000Hart Malcolm 126,736 271,511 197,074 74,437Thoms Phil 25,000 98,038 36,519 61,519Tracy Jann 25,000 93,038 58,519 39,519Brown Richard 65,510 90,510 9,010 81,500Heaton Simon 25,000 93,038 58,519 39,519Thomson * includes (i) 3,530 and 50,000 shares being sold by Sir Bill Gammell and Malcolm Thoms respectively in addition to shares being released from the Trust and (ii) shares sold to cover income tax and national insurance liabilities. Cairn also announces that Hamish Grossart, Deputy Chairman and Ed Story,non-executive director sold 10,000 and 45,000 shares respectively on 25 April2006 at a price of £24.0824 per share. Cairn also announces that on 24 April 2006 the following awards were made underthe LTIP to Directors/PDMRs of the Company at a price of £23.99 per share (beingthe mid-market closing price on 21 April 2006):- Director Number of Ordinary Shares under Number of Notional Shares under Tier One Tier Two Sir BillGammell 30,000 26,400 Mike Watts 21,800 28,100 Kevin Hart 18,700 22,400 Malcolm 18,700 22,400Thoms Phil Tracy 18,700 17,500 Jann Brown 11,800 9,600 Richard 11,800 4,600Heaton Simon 12,500 11,200Thomson Following this announcement, the relevant Directors'/PDMRs' beneficial interestsin the Ordinary shares of the Company are as follows:- Number of Percentage of Number of Outstanding Ordinary Issued Share Share Options Shares Capital Awards under LTIPDirector Tier One Tier TwoSir BillGammell 805,000 0.503 - 146,500 147,800 Mike 300,000 0.187 - 96,300 89,000Watts Kevin 100,000 0.062 - 90,100 78,000Hart Malcolm 74,437 0.047 - 90,100 78,000Thoms Phil 61,519 0.038 - 82,200 91,500Tracy Hamish 40,000 0.025 - - -Grossart Ed Story 5,000 0.003 - - - Jann 39,519 0.025 - 54,900 63,300Brown Richard 81,500 0.051 - 54,900 68,600Heaton Simon 39,519 0.025 - 55,600 64,900Thomson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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