Founder Share Confirmation
Founder Share Confirmation
Dublin/London, 19 July 2016: On 21 March 2016, Cairn Homes plc (LSE:CRN) ("Cairn Homes", or the "Company") announced that the Performance Condition in relation to the first Test Period of the Founder Share scheme had been satisfied. As the Test Period ran until 30 June 2016, the Company did not know the Highest Average Closing Price of an Ordinary Share during the Test Period and was unable to calculate the resulting conversion metric of Founder Share Value.
Following the completion of the first Test Period, the Board can now confirm that the Founder Share Value will be satisfied by way of conversion of Founder Shares into 15,021,937 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 1 year lock-up period with 50% of the New Ordinary Shares remaining subject to a further 1 year lock-up period thereafter.
Application will be made by the Company to the Financial Conduct Authority and the London Stock Exchange for a total of 15,021,937 New Ordinary Shares to be admitted to the Official List maintained by the UK Listing Authority and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on its Main Market for listed securities, with dealings in the New Ordinary Shares expected to commence on or around 16th August 2016 (see Note 1 below). A further announcement will be made at the time of the admission of the New Ordinary Shares. 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 LP* |
7,510,968 |
|
Mr. Michael Stanley |
5,257,678 |
|
Mr. Kevin Stanley |
2,253,291 |
*Alan McIntosh, a Founder, is an indirect beneficiary of Emerald Everleigh LP. Emerald Everleigh LP is a limited partnership, in which the sole economic interest is held by Alan McIntosh and his spouse.
Further information regarding the Founder Shares are contained in the Company's prospectus dated 10 June 2015 (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
Hume Brophy +353 1 662 4712
Maria Cryan
Edel Bach
About Cairn Homes
Cairn Homes is a well-capitalised Irish homebuilder, with an experienced management team, who are clearly focused on being a significant contributor in the delivery of much needed new homes in Ireland. The Company constructs high quality new houses and apartments with an emphasis on design, innovation and customer service. Cairn acquires greenfield and brownfield sites in Ireland that are suitable for residential development, with an emphasis on Dublin and the Dublin commuter belt, as well as in other major urban centres. www.cairnhomes.com
This information is provided by RNS
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