Proposed Secondary Placing

Cairn Homes Plc (CRN) Cairn Homes Plc: Proposed Secondary Placing 05-Sep-2024 / 16:46 GMT/BST This announcement contains inside information within the meaning of the EU Market Abuse Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

 

5 September 2024

 

Cairn Homes plc

 

Proposed Secondary Placing

 

Cairn Homes plc ("Cairn Homes" or the "Company") has been advised today by Michael Stanley, Chief Executive Officer of the Company, that he is proposing to sell up to 8.0 million shares in the Company (the "Placing Shares"), representing approximately 1.3 per cent. of the Company's issued share capital, via an accelerated bookbuild (the "Placing") through Goodbody Stockbrokers UC ("Goodbody").

 

Michael Stanley currently holds approximately 3.5 per cent. of the voting rights of the Company and following the Placing, assuming the Placing is fully placed, he will hold approximately 2.3 per cent. of the issued share capital in the Company. If the Placing proceeds, Michael Stanley has agreed with Goodbody not to sell any of his remaining shares for a period of six months (subject to certain customary exceptions).

 

Goodbody has been appointed as Sole Bookrunner (the "Bookrunner") in respect of the Placing, which will be launched immediately following this announcement through an accelerated bookbuild, open to certain existing and new investors. The final number of Placing Shares to be placed and the placing price will be agreed by Goodbody and Michael Stanley at the close of the bookbuild process, and the results of the Placing will be announced as soon as practicable thereafter. The timing for the close of the bookbuild process, pricing and allocation are at the absolute discretion of Goodbody.