Cairn founders plot €24m share sale
THE founders of Cairn Homes are planning to sell more than €24m 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 announcement did not specify exactly how many shares each man was selling, but said that Michael Stanley and a McIntosh family vehicle called Emerald Everleigh Investment Partnership would see their share of voting rights in the company reduced to 2.7pc and 5pc respectively.
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.