Last checked at 20 Jul 2018 11:53
20 July 2018
Cairn Homes plc
Founder Share Confirmation
Dublin/London, 20 July 2018: Cairn Homes plc (ISE/LSECRN) ("Cairn", or the "Company") announces that following the completion of the third Test Period (which ran from 01 March 2018 until 30 June 2018), the Board can now confirm that the Founder Share Value will be satisfied by way of the conversion of 27,110,622 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 16 August 2018 (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 |
Prime Developments Ltd* | 13,555,311 |
Mr. Michael Stanley | 9,488,718 |
Mr. Kevin Stanley | 4,066,593 |
*Alan McIntosh, a Founder, is an indirect beneficiary of Prime Developments Ltd ("PDL"). Fiske Nominees Limited will hold the New Ordinary Shares on behalf of Prime Developments Ltd ("PDL") who is the beneficial owner. 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 2017 Annual Report, 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 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
Tim Kenny
Tara Grimley
Drury Porter Novelli +353 1 260 5000
Morwenna Rice
Louise Walsh
Powerscourt +44 20 7250 1446
Justin Griffiths
Nick Dibden
Jack Hickey
Notes to Editors
Cairn Homes plc is an Irish homebuilder committed to building high-quality sustainable homes in excellent locations and providing unparalleled customer service at each stage of the home-buying journey. Cairn's highly experienced management team has a clear vision of delivering innovative and thoughtfully designed homes which meet market demand and enhance communities by placing home owners at the very centre of the design process. The Company owns 34 residential development sites with capacity for over 14,100 new homes, over 90% of which are located in the Greater Dublin Area (the "GDA") with excellent public transport and infrastructure links. Cairn is today building on twelve sites in the GDA, which will deliver over 3,650 units.