Cairn Homes Plc — Capital/Financing Update 2019

May 2, 2019

National Storage Mechanism | Additional information

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RNS Number : 9207X

Cairn Homes plc

02 May 2019

Cairn Homes plc Announces High Court Approval of Capital Reduction

2 May 2019: Cairn Homes plc ("Cairn", or the "Company") (Euronext Dublin/LSE: CRN), the leading Irish homebuilding company, today announces that further to resolutions passed by shareholders at an Extraordinary General Meeting of the Company on 26 February 2019, the Irish High Court has approved the Company's application to confirm a special resolution to reduce the amount standing credited to the Company's share premium account by €550,000,000 such that the reserve resulting from the reduction shall be treated as profits available for distribution within the meaning of section 117 of the Companies Act 2014.

The Order of the Court has been registered with the Registrar of Companies in Ireland and accordingly, the capital reduction has now become effective.

-ENDS-

For further information, contact:

Cairn Homes plc                                                                                                                                                +353 1 696 4600

Michael Stanley

Tim Kenny

Drury Communications                                                                                                                                    +353 1 260 5000

Billy Murphy

Morwenna Rice

Louise Walsh                                                                    

Finsbury                                                                                                                                                              +44 207 251 3801

Gordon Simpson

Charles O'Brien

Notes to Editors       

Cairn Homes plc ("Cairn") is the leading Irish homebuilder committed to building high-quality, competitively-priced, sustainable new homes in great locations. Cairn operates a defined and established business model which brings together the best town planners, architects, subcontractors and designers in collaboration with our own experienced team. 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. 15,100 unit land bank across 32 residential development sites, 90% of which are located in the GDA with excellent public transport and infrastructure links. Cairn is today building on 14 sites in the GDA, which will deliver 5,000 new homes.

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