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LONDON (Alliance News) - Cairn Homes PLC said Wednesday a number of shareholders and directors have sold a total of 17.0 million shares, representing 2.2% of the company's capital.
The 17.0 million shares were sold at EUR1.34 each, for a total of EUR22.8 million. Shares in the Irish homebuilder were down 6.1% in morning trade at EUR1.32 each.
Cairn said Chief Executive Michael Stanley, Emerald Everleigh Ltd Partnership, which is owned by a trust of which Cairn Founder & Non-Executive Director Alan McIntosh and his wife are beneficiaries, and Kevin Stanley will sell the shares via an accelerated bookbuild.
Michael Stanley and Emerald currently hold 3.3% and 6.3% of the company's shares. Following the placing they will hold approximately 2.7% and 5.0% respectively.
Cairn will not receive any proceeds from the placing.
