Cairn Homes CEO Michael Stanely has raised €14.7m after selling some of his stake on the homebuilder.
Stanley sold 8m Cairn shares at a price of €1.84 per share via an accelerated bookbuild through Goodbody Stockbrokers.
The company was not part of the sale and will not receive any proceeds from the placing, which is expected to settle on a T+2 basis on Tuesday (10 September).
Stanley’s now holds approximately 2.3% of the issued shared capital in Cairn Homes following the sale.
The firm this week reported a 67% increase in revenue, bringing in €366.1m from the sale of 894 units during the first half of 2024.
The average selling price of Cairn homes in H1 was €383,000, up 4% from €370,000 during the same period in 2023, and its forward order book now has 3,450 homes valued at €1.3bn.