DUBLIN/LONDON - Cairn Homes Plc ( Euronext (EPA:ENX) Dublin: C5H / LSE: CRN), an Irish homebuilding company, announced today the completion of its €45 million share buyback program. The program, which began on July 3, 2024, concluded on January 9, 2025, with the company repurchasing 22,574,301 of its ordinary shares across Euronext Dublin and the London Stock Exchange (LON:LSEG).
The shares were bought back at an average price of €1.99 each for cancellation, which accounted for approximately 3.5% of Cairn Homes' issued share capital at the start of the buyback program. The company confirmed that it holds no treasury shares.
Cairn Homes, known for its commitment to building high-quality and sustainable new homes in prime locations, focuses on customer-centric design and community development. The company boasts a significant landbank, with the majority situated in the Greater Dublin Area, which is well-connected by public transport and infrastructure.
The completion of this buyback program represents a substantial investment by Cairn Homes in its own equity, signaling confidence in the company's value and future prospects. This financial maneuver is often used by companies to reduce the number of shares in circulation, which can potentially increase the value of remaining shares and provide a return of capital to shareholders.
It is important to note that this announcement is based on a press release statement from Cairn Homes Plc and does not include any additional analysis or opinion. The company's actions reflect a strategic financial decision within its broader corporate activities.
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