Monday 26 September 2016

Cairn Homes looking to raise €47m from existing shareholders

Published 01/12/2015 | 18:57

The cash is in addition to €150m secured in a new lending agreement with AIB
The cash is in addition to €150m secured in a new lending agreement with AIB

House builder Cairn Homes is looking to raise €47m from existing shareholders in the Irish house-builder’s second major equity raise this year in a process that kicked off tonight.

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The cash is in addition to €150m secured in a new lending agreement with AIB that was announced earlier today.

The money is part of a war-chest being built by Cairn to buy sites, including 1,850 acres of prime development land that has been put on the market by Ulster Bank, and dubbed Project Clear.

Stockbrokers Goodbody and Credit Suisse are acting as joint bookrunners on the equity raising, which is being done through a rapid process known as an accelerated book build. The new stock, equal to around 9.99pc of Cairn’s existing shares and will trade as early as December 4. The deal, which is not open to retail investors, does not require formal shareholder approval.

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