DJ Cairn Homes Plc: EUR45 Million Share Buyback Programme
Cairn Homes Plc (CRN)
Cairn Homes Plc: EUR45 Million Share Buyback Programme
03-Jul-2024 / 07:30 GMT/BST
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Cairn Homes plc
EUR45 Million Share Buyback Programme
Dublin / London, 3 July 2024: Cairn Homes plc ("Cairn", "the Company" or "the Group") (Euronext Dublin: C5H / LSE:
CRN), today announces following the release of its H1 2024 Trading Update earlier this morning, the commencement of a
share buyback programme to repurchase ordinary shares of up to EUR45 million.
The Company has entered into irrevocable, non-discretionary arrangements with Goodbody Stockbrokers UC ("Goodbody") and
Numis Securities Limited (trading as Deutsche Numis) ("Deutsche Numis") to repurchase ordinary shares on the Company's
behalf up to a maximum consideration of EUR45 million (the "Share Buyback Programme"). The EUR45 million capital amount
represents EUR40 million of a new share buyback programme and the remaining EUR5 million of the previous share buyback
programme announced in FY23.
The Share Buyback Programme will commence 3 July 2024, and may continue until 30 June 2025 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
92,368,866 pursuant to the Company's general authority to repurchase ordinary shares approved by shareholders at the
Company's AGM on 10 May 2024 (the "2024 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 2025 AGM (or at an earlier EGM, as applicable) (the "2025 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 Deutsche 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 2024 Authority, and the continuation
of the Share Buyback Programme will be contingent on the approval of the shareholders of the 2025 Repurchase Authority
and (ii) within 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
Stephen Kane, Director of Corporate Finance & Investor Relations
Ailbhe Molloy, Investor Relations Manager
Drury Communications +353 1 260 5000
Billy Murphy
Claire Fox
Morwenna Rice
Notes to Editors
Cairn Homes plc ("Cairn") is an 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 an 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.15,900 unit landbank across 36 residential development sites, over 90% of which are located in the Greater Dublin
Area ("GDA") with excellent public transport and infrastructure links.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: IE00BWY4ZF18
Category Code: POS
TIDM: CRN
LEI Code: 635400DPX6WP2KKDOA83
OAM Categories: 2.4. Acquisition or disposal of the issuer's own shares
Sequence No.: 331633
EQS News ID: 1938333
End of Announcement EQS News Service
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(END) Dow Jones Newswires
July 03, 2024 02:30 ET (06:30 GMT)
