Cairn homes founders sell over €22m of shares
The founders of Cairn Homes have sold €22.8m worth of shares in the listed housebuilder.
Chief executive Michael Stanley, his brother Kevin Stanley and financier Alan McIntosh have been the beneficiaries of a private-equity style "founder shares" scheme at the company, which sees them rewarded with sizeable chunks of shares if the company meets certain targets.
The 17 million shares were sold by Michael Stanley and a McIntosh family vehicle called Emerald Everleigh Investment Partnership at a price of €1.34 per share.
Following the share placing, Michael Stanley and New Emerald LP will hold approximately 2.7pc and 5pc of the voting rights of the company.
Last week the company announced it was looking for an institutional investor (or "cuckoo fund") to buy almost 300 apartments at a development outside Dublin. The decision to target such a fund will mean first-time buyers are deprived of the chance to bid on the homes.