Cairn Homes CEO sells eight million shares

Cairn Homes announced on Friday that chief executive officer Michael Stanley had sold eight million of its shares through a secondary placing.

The London-listed firm said the sale, conducted via an accelerated bookbuild by Goodbody Stockbrokers, saw the shares sold at a price of €1.84 each.

Stanley proposed the share sale on Thursday, with the tranche representing 1.3% of Cairn Homes' issued share capital.

The settlement of the placing was expected to occur by 10 September.

As a result of the transaction, Stanley’s ownership in the company decreased from 3.5% to about 2.3%.

Cairn Homes clarified that it was not involved in the placing, and would not receive any proceeds from the sale.

Stanley had also agreed not to sell any additional shares in the company for the next six months, with some exceptions, as per his agreement with Goodbody Stockbrokers.

At 0915 BST, shares in Cairn Homes were down 2.75% at 155.6p.

Reporting by Josh White for Sharecast.com.