LONDON (Alliance News) - Cairn Homes PLC announced Monday a firm placing, placing and open offer of shares to raise around EUR175.0 million, to fund the acquisitions of pipeline sites, as well as developments of sites in Dublin.
Cairn Homes said the firm placing and placing of the open offer shares are being conducted through an accelerated bookbuild. It said this process is expected to close on Tuesday.
Cairn Homes said it expects EUR52.5 million from the firm placing and EUR122.5 million to be raised through the placing and open offer.
Bank of America Merrill Lynch and Goodbody Stockbrokers will act as joint bookrunners, and Davy will act as co-bookrunner in relation to the capital raise.
"We are very focused on scaling our home building operations and expect to be live on seven sites in the next twelve months. The acquisition of the Argentum business will allow us further expand our operations and we are confident in our ability to deliver high quality, affordable homes for our customers in markets where there remains an acute shortage of supply," said Chief Executive Michael Stanley.
Shares in Cairn Homes closed down 1.7% at 1.19 pence on Monday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Cairn Homes (CRN)