Former Cairn Homes director to get share options worth €830,000

Eamonn O’Kennedy, a former finance director of listed Irish homebuilder Cairn Homes, is set to receive share options worth €830,000 based on Monday’s closing price under terms agreed with the one-time executive shortly after the company floated.

Cairn confirmed on Monday that it has applied to the Irish and London stock exchanges for a block listing of 500,000 shares to be admitted for trading to both markets.

“These shares are being reserved under a block listing and will be alloted from time to time pursuant to share options granted to Eamonn O’Kennedy a former director of Cairn,” the company said.

The shares were worth a total of €830,000 at yesterday's closing price of €1.66 on the Dublin market. Mr Kennedy has the right to exercise the share options at €1 each or a total of €500,000.

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The options will vest in two lots of 250,000, the first tranche this year and the second in 2019. The home building company granted the options in December 2015, after it floated.

Just weeks ago, Cairn confirmed that three founding directors, chief executive Michael Stanley, his brother Kevin, the company's chief commercial officer, and Scottish accountant Alan McIntosh, would receive 27.1 million shares, worth almost €45 million at yesterday's close, this month.

The award was made under an incentive scheme tied to the group’s flotation. Under its terms, 27.1 million “founder shares” will convert into ordinary stock and be listed on the stock exchange from the middle of this month.