EUR25 Million Share Buyback Programme

RNS Number : 1974M

Cairn Homes plc

13 September 2019

 

Cairn Homes plc

€25 Million Share Buyback Programme

Dublin/London, 13 September 2019: Cairn Homes plc ("Cairn", or the "Company") (Euronext Dublin/LSE: CRN), the leading Irish homebuilding company, today announces, following the release of its 2019 Interim Results on 12 September 2019, the commencement of a share buyback programme to repurchase ordinary shares of up to €25 million.

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 €25 million (the "Share Buyback Programme").

The Share Buyback Programme will commence on 13 September 2019 and may continue until 31 March 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 78,878,317 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 The Company confirms that currently it has no unpublished inside information.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                                                                               [phone]

Michael Stanley, Co-Founder and CEO

Tara Grimley, Company Secretary

Drury Porter Novelli                                                                       [phone]

Billy Murphy

Morwenna Rice

Finsbury                                                                                              [phone]
Gordon 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. 15,400 unit land bank across 33 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.

 

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