Cairn Homes plc Founder Share Confirmation (6911L)

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 [phone]

Michael Stanley

Eamonn O'Kennedy

Powerscourt [phone]

Justin Griffiths

Jack Hickey

Drury Communications [phone]

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

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July 21, 2017 02:00 ET (06:00 GMT)