Cairn Homes plc

€40 Million Share Buyback Programme

 

Dublin / London, 3 March 2023: Cairn Homes plc (“Cairn”, “the Company” or “the Group”) (Euronext Dublin: C5H / LSE: CRN), today announces following the release of its FY 2022 Preliminary Results on 2 March 2023, the commencement of a share buyback programme to repurchase ordinary shares of up to €40 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 €40 million (the “Share Buyback Programme).

 

The Share Buyback Programme will commence today, 3 March 2023, and may continue until 31 December 2023 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 85,510,790 pursuant to the Company's general authority to repurchase ordinary shares approved by shareholders at the Company's AGM on 12 May 2022 (the "2022 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 AGM scheduled for 11 May 2023 (or at an earlier EGM, as applicable) (the "2023 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 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 2022 Repurchase Authority, and the continuation of the Share Buyback Programme will be contingent on the approval of the shareholders of the 2023 Repurchase Authority 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.

 

                                                                                                              -ENDS-

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

Billy Murphy

Claire Rowley        

 

Notes to Editors 

Cairn Homes plc (“Cairn”) is the leading 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 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. 16,800 unit landbank across 34 residential development sites, over 90% of which are located in the Greater Dublin Area (“GDA”) with excellent public transport and infrastructure links.