Cairn Homes co-founders acquire 1m shares in housebuilder

Two of the founders of listed Irish housebuilder Cairn Homes acquired 1 million shares in the company between them on Monday at a cost of just under €800,000.

In separate announcements to the stock exchange, Cairn said its chief executive Michael Stanley and non-executive director Alan McIntosh had acquired 500,000 shares each.

Mr Stanley bought his shares at 78.12 cent each for a total cost of €390,600 while Mr McIntosh paid 78.3 cent each at a total cost of €391,500. The pair were instrumental in forming Cairn in 2014 and in its successful stock market debut the following year.

Cairn’s shares closed in Dublin on Monday up 2.1 per cent at 77.6 cent. However, the shares have declined in value by about 30 per cent since March, when lockdown restrictions were introduced here to curb the spread of the coronavirus.

Cairn is currently one of the largest housebuilders in the country with a current forward sales pipeline valued at €237 million.

According to its interim results, Cairn closed 207 new homes sales and generated total revenues of €80.9 million in the first half of the year, and was active on 15 sites.