Listed builder Cairn Homes has announced a share buyback programme worth up to €25 million.
The company told shareholders on Friday it had entered into “irrevocable, non-discretionary arrangements” with Goodbody Stockbrokers to repurchase ordinary shares on the company’s behalf.
The programme will begin immediately and may continue until March 31st 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 programme is 78,878,317 and these may be repurchased on either Euronext Dublin or the London Stock Exchange.
The purpose of the programme is to reduce the company’s share capital and it is intended that shares repurchased will be cancelled.
Cairn said Goodbody would make its trading decisions in relation to the company’s shares independently and in accordance with certain pre-set parameters.
Details of any ordinary shares repurchased will be notified to a Regulatory Information Service by the company following repurchase.
