There’s a plethora of information about directors share dealings in Cairn Energy ( CNE, 2915p) last week.

If you filter out the sales by executive directors of shares released under the Long Term Incentive Plan, and eliminate shareholdings sold and bought back before CGT changes, you are left with four notable changes in holdings:

1. CEO Sir Bill Gammall has sold 50,000 shares taking his holding to 377,000 shares.

2. Exploration Director Dr Mike Watts sold 40,000 shares taking his holding to 160,000 shares.

In my mind both of the above sales are interesting but not hugely significant.

Of greater interest are the sales by Non Executive Directors as follows:

Norman Murray- Cairn Energy Chairman

3. Non executive Chairman Norman Murray halves his holding by selling 40,000 shares at £28.61, releasing £1.1m, and

4. Non executive Director Todd Hart reduces his holding by more than a third, selling 10,000 shares to leave him with 18,000.

I believe these sales to be significant, both in value terms, and as a proportion of the directors’ position (holding) in Cairn prior to the sales.