Last checked at 21 Jul 2017 07:00
21 July 2017
Cairn Homes plc
Founder Share Confirmation
Dublin/London, 21 July 2017: Cairn Homes plc (LSE:CRN) ("Cairn ", or the "Company") announces that following the completion of the second Test Period (which ran from 01 March 2017 until 30 June 2017), the Board can now confirm that the Founder Share Value will be satisfied by way of the conversion of 38,685,292 Founder Shares into the same number of Ordinary Shares of €0.001 each ("New Ordinary Shares"). All New Ordinary Shares issued in respect of the conversion of Founder Shares will be subject to a one year lock-up period, with 50% of the New Ordinary Shares remaining subject to a further one year lock-up period thereafter.
A further announcement will be made at the time of the admission of the New Ordinary Shares to trading and listing, which is expected on or around 18 August 2017 (see Note 1 below). The New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares.
The total number of New Ordinary Shares arising to the Founder Group in respect of the Founder Share Value is as follows:
| New Ordinary Shares |
Emerald Everleigh Limited Partnership* | 19,342,646 |
Mr. Michael Stanley | 13,539,852 |
Mr. Kevin Stanley | 5,802,794 |
*Alan McIntosh, a Founder, is an indirect beneficiary of Emerald Everleigh Limited Partnership ("LP"). The LP is ultimately owned by Prime Developments Limited ("PDL"). The shares in PDL are held under a discretionary trust (constituted under English and Welsh law), the beneficiaries of which are Alan McIntosh and his spouse.
Further information regarding the Founder Shares is contained in the Company's prospectus dated 23 March 2016 (the "Prospectus") and the Company's financial statements, both of which are available on the Company's website www.cairnhomes.com. Defined terms used in this announcement shall, unless otherwise defined herein, have the meanings ascribed to them in the Prospectus.
-ENDS-
Note 1: As per the Company's Constitution, Founder Share Value will convert to New Ordinary Shares as soon as reasonably practicable 20 business days following the date of notice to the Founder Group of the Founder Share Value.
For more information, please contact:
Cairn Homes plc +353 1 696 4600
Michael Stanley
Eamonn O'Kennedy
Powerscourt +44 20 7250 1446
Justin Griffiths
Jack Hickey
Drury Communications +353 1 260 5000
Billy Murphy
Morwenna Rice
Notes to Editors
Cairn Homes plc is an Irish homebuilder with a highly experienced management team. The Company is committed to constructing high quality new homes with an emphasis on design and innovation in attractive locations to meet sustainable market demand. Cairn has a land bank of 12,600 units, over 91% of which is located in the Greater Dublin Area ("GDA"). Currently, Cairn is active on eight sites in the GDA, which will deliver 3,250 units.