Cairn Homes plc Founder Share Confirmation (3217V)
July 20 2018 - 6:53AM
UK Regulatory
TIDMCRN
RNS Number : 3217V
Cairn Homes plc
20 July 2018
20 July 2018
Cairn Homes plc
Founder Share Confirmation
Dublin/London, 20 July 2018: Cairn Homes plc (ISE/LSECRN)
("Cairn", or the "Company") announces that following the completion
of the third Test Period (which ran from 01 March 2018 until 30
June 2018), the Board can now confirm that the Founder Share Value
will be satisfied by way of the conversion of 27,110,622 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 16 August 2018 (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
Prime Developments Ltd* 13,555,311
-----------------------------------------------
Mr. Michael Stanley 9,488,718
-----------------------------------------------
Mr. Kevin Stanley 4,066,593
-----------------------------------------------
*Alan McIntosh, a Founder, is an indirect beneficiary of Prime
Developments Ltd ("PDL"). Fiske Nominees Limited will hold the New
Ordinary Shares on behalf of Prime Developments Ltd ("PDL") who is
the beneficial owner. 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 2017 Annual Report, 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 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
Tim Kenny
Tara Grimley
Drury Porter Novelli +353 1 260 5000
Morwenna Rice
Louise Walsh
Powerscourt +44 20 7250 1446
Justin Griffiths
Nick Dibden
Jack Hickey
Notes to Editors
Cairn Homes plc is an Irish homebuilder committed to building
high-quality sustainable homes in excellent locations and providing
unparalleled customer service at each stage of the home-buying
journey. Cairn's highly experienced management team has a clear
vision of delivering innovative and thoughtfully designed homes
which meet market demand and enhance communities by placing home
owners at the very centre of the design process. The Company owns
34 residential development sites with capacity for over 14,100 new
homes, over 90% of which are located in the Greater Dublin Area
(the "GDA") with excellent public transport and infrastructure
links. Cairn is today building on twelve sites in the GDA, which
will deliver over 3,650 units.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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