Last checked at 16 Jan 2020 07:00
Cairn Homes plc
Extension of Share Buyback Programme to €60 Million
Dublin/London, 16 January 2020: Cairn Homes plc ("Cairn", or the "Company") (Euronext Dublin/LSE: CRN), the leading Irish homebuilding company, today announces the extension of its previously announced €25 million share buyback programme to repurchase ordinary shares up to a maximum additional consideration of €35 million following the release of its 2019 trading update on 16 January 2020. This increases the size of the share buyback programme to €60 million.
Between 13 September 2019 and 13 January 2020, 20,855,102 ordinary shares were purchased at an average price of €1.20, returning €25 million to shareholders.
The Company has entered into irrevocable, non-discretionary arrangements with Goodbody Stockbrokers UC ("Goodbody") to repurchase ordinary shares on the Company's behalf up to a maximum consideration of an additional €35 million (the "Share Buyback Programme").
The Share Buyback Programme will commence today and may continue until 31 August 2020 subject to market conditions, the ongoing capital requirements of the business and termination provisions customary for arrangements of this nature.
The maximum number of ordinary shares to be repurchased under the Share Buyback Programme is 58,023,215 and these may be repurchased on either Euronext Dublin or the London Stock Exchange. The purpose of the Share Buyback Programme is to reduce the Company's share capital and it is intended that shares repurchased will be cancelled.
Goodbody will make its trading decisions in relation to the Company's shares independently of, and uninfluenced by, the Company and in accordance with certain pre-set parameters. The Share Buyback Programme will be conducted (i) in accordance with the Company's general authority to repurchase ordinary shares as approved by shareholders at the Company's AGM on 22 May 2019 and (ii) the parameters prescribed by the Market Abuse Regulation 596/2014/EU, the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of Euronext Dublin and the London Stock Exchange.
Details of any ordinary shares repurchased will be notified to a Regulatory Information Service by the Company following repurchase. The Company confirms that currently it has no unpublished inside information.
-ENDS-
For more information, please contact:
Cairn Homes plc +353 1 696 4600
Michael Stanley, Co-Founder and CEO
Tara Grimley, Company Secretary
Drury Porter Novelli +353 1 260 5000
Billy Murphy
Morwenna Rice
Finsbury +44 207 251 3801Gordon Simpson
Charles O'Brien
Notes to Editors
Cairn Homes plc ("Cairn") is the leading Irish homebuilder committed to building high-quality, competitively-priced, sustainable new homes in great locations. At Cairn, the homeowner is at the very centre of the design process and we strive to provide an unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is thoughtfully designed and built to last with a focus on creating shared spaces and environments where communities prosper. Cairn owns a c. 17,400 unit land bank across 35 residential development sites, 90% of which are located in the GDA with excellent public transport and infrastructure links. Cairn is today building on 15 sites in the GDA, which will deliver over 5,250 new homes.