The heads of Cairn Homes share € 48 million in conversion

The founders of the listed real estate builder Cairn Homes have been awarded shares in the company of a little less € 48 million at current prices.

This is the second major payment under a package that was part of the IPO of the company in 2015.

The company said yesterday that 27.1 million Founder shares held by three directors will convert into common shares on August 16. business objectives were achieved at the time of issuance.

Alan McIntosh, Cairn's largest backer, is the primary beneficiary. He will receive half of the new shares, the rest being shared between brothers Michael Stanley, general manager of Cairn, and Kevin Stanley, its commercial director. Last year, the three founders converted just over 60 million euros of founder shares into common shares tradable under the same regime.

This means that 80% of the shares of the founders were exercised three years after a period of seven years.

The conversion of founder shares into ordinary shares is subject to an increase in the value of the company of 12.5 pc per year. None of the new shares may be sold for at least one year, and half of the newly issued shares must be held for two years.

Share awards will slightly dilute existing shareholders. Cairn's shares rose from just under half percent to 1.7380 euros per share.

The Iseq Irish Stock Index was lower yesterday, although it recovered some anticipated losses to close at 6,935.73. CRH Plc contributed the most to the decline, down 2.4pc at one stage and closing 1.4pc. Movers also included Ryanair, down 1.9 pc, and AIB Group, down 2 pc.

Providence Resources reversed an early drop to close 17pc on the day, hoping its Irish oil outlook could be good, after the company said the new 3D seismic data for its southern Porcupine site has shown potential

Elsewhere, European stocks fell yesterday as earnings updates were disappointing, with automakers being the most affected by trade tensions that caused the Chinese yuan to be liquidated overnight. .