Cairn Homes plc Founder Share Confirmation (6911L)
21 July 2017 - 4:00PM
UK Regulatory
TIDMCRN
RNS Number : 6911L
Cairn Homes plc
21 July 2017
21 July 2017
Cairn Homes plc
Founder Share Confirmation
Dublin/London, 21 July 2017: Cairn Homes plc (LSE:CRN) ("Cairn
", or the "Company") announces that following the completion of the
second Test Period (which ran from 01 March 2017 until 30 June
2017), the Board can now confirm that the Founder Share Value will
be satisfied by way of the conversion of 38,685,292 Founder Shares
into the same number of Ordinary Shares of EUR0.001 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 18 August 2017 (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
----------------------- -----------------------------------------------
Emerald Everleigh
Limited Partnership* 19,342,646
----------------------- -----------------------------------------------
Mr. Michael Stanley 13,539,852
----------------------- -----------------------------------------------
Mr. Kevin Stanley 5,802,794
----------------------- -----------------------------------------------
*Alan McIntosh, a Founder, is an indirect beneficiary of Emerald
Everleigh Limited Partnership ("LP"). The LP is ultimately owned by
Prime Developments Limited ("PDL"). 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 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
Powerscourt +44 20 7250 1446
Justin Griffiths
Jack Hickey
Drury Communications +353 1 260 5000
Billy Murphy
Morwenna Rice
Notes to Editors
Cairn Homes plc is an Irish homebuilder with a highly
experienced management team. The Company is committed to
constructing high quality new homes with an emphasis on design and
innovation in attractive locations to meet sustainable market
demand. Cairn has a land bank of 12,600 units, over 91% of which is
located in the Greater Dublin Area ("GDA"). Currently, Cairn is
active on eight sites in the GDA, which will deliver 3,250
units.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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