Cairn Homes
plc
€45 Million
Share Buyback Programme
Dublin /
London, 3 July 2024: Cairn
Homes plc (“Cairn”, “the Company” or “the Group”) (Euronext Dublin:
C5H / LSE: CRN), today announces following the release of its H1
2024 Trading Update earlier this morning, the commencement of a
share buyback programme to repurchase ordinary shares of up to €45
million.
The Company has entered into
irrevocable, non-discretionary arrangements with Goodbody
Stockbrokers UC (“Goodbody”) and Numis Securities Limited (trading
as Deutsche Numis) (“Deutsche Numis”) to repurchase ordinary shares
on the Company’s behalf up to a maximum consideration of €45
million (the “Share Buyback Programme”). The €45 million capital
amount represents €40 million of a new share buyback programme and
the remaining €5 million of the previous share buyback programme
announced in FY23.
The Share Buyback
Programme will commence 3 July 2024, and may continue until 30 June
2025 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 (i)
initially 92,368,866 pursuant to the Company's general authority to
repurchase ordinary shares approved by shareholders at the
Company's AGM on 10 May 2024 (the "2024 Repurchase Authority") and
(ii) subject to shareholder
approval, thereafter shall be determined by reference to, and in
accordance with, the general authority to repurchase ordinary
shares at the Company's 2025 AGM (or at an earlier EGM, as
applicable) (the "2025 Repurchase Authority") 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. It is intended that the shares repurchased
will be cancelled.
Goodbody and Deutsche Numis will
make their 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) initially in accordance with the 2024 Authority,
and the continuation of the Share Buyback Programme will be
contingent on the approval of the shareholders of the 2025
Repurchase Authority and (ii) within the parameters prescribed by
the Market Abuse Regulation 596/2014/EU, the Commission Delegated
Regulation (EU) 2016/1052 and the Commission Delegated Regulation
(EU) 2016/1052 (also as in force in the United Kingdom ("UK"), from
time to time, including, where relevant, pursuant to the UK's
Market Abuse (Amendment) (EU Exit) Regulations 2019 as well as the
applicable laws and regulations of Euronext Dublin and the London
Stock Exchange.
The Share Buyback Programme may
be supplemented by the purchase of ordinary shares by way of block
trades in accordance with the Company's general authority to
repurchase shares. The maximum consideration payable by the Company
under the Share Buyback Programme will be reduced by the
corresponding amount of capital returned through block
trades.
Details of any ordinary shares
repurchased will be notified to a Regulatory Information Service by
the Company following any repurchase. The Company confirms that
currently it has no unpublished inside information.
-ENDS-
For further
information, contact:
Cairn Homes
plc +353 1 696 4600
Tara Grimley, Company
Secretary
Stephen Kane, Director of
Corporate Finance & Investor Relations
Ailbhe Molloy, Investor Relations
Manager
Drury
Communications +353 1 260 5000
Billy Murphy
Claire Fox
Morwenna Rice
Notes to
Editors
Cairn Homes plc (“Cairn”) is an
Irish homebuilder committed to building high-quality, competitively
priced, sustainable new homes and communities in great locations.
At Cairn, the homeowner is at the very centre of the design
process. We strive to provide an unparalleled customer service
throughout each stage of the home-buying journey. A new Cairn home
is expertly designed, with a focus on creating shared spaces and
environments where communities thrive. Cairn owns a c.15,900 unit
landbank across 36 residential development sites, over 90% of which
are located in the Greater Dublin Area (“GDA”) with excellent
public transport and infrastructure links.