Business
Cairn Homes Plc: Commencement of €35m Extende...
Cairn Homes Plc: Commencement of €35m Extende....
About this update from Cairn Homes Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nCairn Homes Plc (CRN)\n\n\n\n\n\n\nCairn Homes Plc: Commencement of €35m Extended Share Buyback Programme 06-Dec-2023 / 07:00 GMT/BST\n\n\n \n\n \n\nCairn Homes plc\n\nCommencement of €35m Extended Share Buyback Programme \n\n \n\nDublin / London, 6 December 2023: Further to its Interim Results announcement on 7 September 2023, Cairn Homes plc (“Cairn”, “the Company” or “the Group”) (Euronext Dublin: C5H / LSE: CRN) today announces the commencement of the €35 million extension to its ongoing share buyback programme increasing the total size of its share buyback programme to €75 million.\n\n \n\nBetween 3 March 2023 and 5 December 2023, 36,693,316 ordinary shares were purchased at an average price of €1.09, returning c.€40 million to shareholders. \n\n \n\nThe Company has extended its 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 €35 million (the “Share Buyback Programme”). 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 may continue until 30 June 2024 subject to market conditions, the ongoing capital requirements of the business and termination provisions customary for arrangements of this nature. The purpose of the Share Buyback Programme is to reduce the Company's share capital and it is intended that shares repurchased will be cancelled.\n\n \n\nThe maximum number of ordinary shares to be repurchased under the Share Buyback Programme is (i) 76,685,505 pursuant to the Company's general authority to repurchase ordinary shares approved by shareholders at the Company's AGM on 11 May 2023 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 10 May 2024 (or at an earlier EGM, as applicable) and these may be repurchased on either Euronext Dublin or the London Stock Exchange. The Share Buyback Programme will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2...