EUR75 Million Share Buyback Programme
Cairn Homes plc
€75 Million Share Buyback Programme
Dublin / London, 13 January 2022: Cairn Homes plc ("Cairn", "the Company" or "the Group"), today announces, following the release of its FY 2021 trading update on 12 January 2022, the commencement of a share buyback programme to repurchase ordinary shares of up to €75 million.
The Company has entered into irrevocable, non-discretionary arrangements with Goodbody Stockbrokers UC ("Goodbody") and Numis Securities Limited ("Numis") to repurchase ordinary shares on the Company's behalf up to a maximum consideration of €75 million (the "Share Buyback Programme").
The Share Buyback Programme will commence today, 13 January 2022, and may continue until 30 December 2022 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 74,945,013 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 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 Company's general authority to repurchase ordinary shares as approved by shareholders at the Company's AGM on 18 May 2021, and the continuation of the Share Buyback Programme will be contingent on the approval of the shareholders of a further repurchase general authority at the Company's AGM on 17 May 2022 (or as applicable, at an earlier EGM of the Company) and (ii) 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.
For further information, contact:
Cairn Homes plc +353 1 696 4600
Tara Grimley, Company Secretary
Declan Murray, Head of Investor Relations
Drury Communications +353 1 260 5000
Notes to Editors
Cairn Homes plc ("Cairn") is a leading Irish homebuilder committed to building high-quality, competitively-priced, sustainable new homes in great locations. At Cairn, the homeowner is at the very centre of the design process and we strive to provide an unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is thoughtfully designed and built to last with a focus on creating shared spaces and environments where communities prosper. Cairn owns a c. 17,700 unit landbank across 37 residential development sites, over 90% of which are located in the Greater Dublin Area ("GDA") with excellent public transport and infrastructure links.