Founder Share Confirmation

RNS Number : 2244U

Glenveagh Properties PLC

10 July 2018

 

Glenveagh Properties PLC

Founder Share Confirmation

Glenveagh Properties PLC (the "Company") announces that following the completion of the first Test Period (which ran from 01 March 2018 until 30 June 2018), the Board can now confirm that the Founder Share Value will be satisfied by way of the conversion of 18,993,162 Founder Shares into the same number of Ordinary Shares of €0.001 each ("New Ordinary Shares").  All New Ordinary Shares issued in respect of the conversion of Founder Shares will be subject to a lock-up period, with 50% of the New Ordinary Shares subject to a one-year lock-up period with the balance of shares subject to a two year lock-up.

A further announcement will be made at the time of the admission of the New Ordinary Shares to trading and listing, which is expected on or around 9 August 2018. The New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares.

Further information regarding the Founder Shares is contained in the Company's prospectus dated 10 October 2017 (the "Prospectus") and the Company's 2017 Annual Report and Accounts, both of which are available on the Company's website www.glenveagh.ie.

Defined terms used in this announcement shall, unless otherwise defined herein, have the meaning ascribed to them in the Prospectus.

For further information please contact:

Investors:	Media:
Glenveagh Properties PLC Justin Bickle (CEO) Michael Rice (CFO) [e-mail]	Gordon MRM Ray Gordon 087 241 7373 David Clerkin 087 830 1779 [e-mail]

Note to Editors

Glenveagh Properties PLC develops and builds sustainable starter, mid-size and executive homes (both houses and apartments) in Ireland. The Group comprises two divisions, Glenveagh Homes (Homes) and Glenveagh Living (Living). We strive to found, create and contribute to communities by consistently delivering exceptional homes and value for money, via our two operating divisions.

Glenveagh Homes offers a platform that combines conveniently located residential development sites in Ireland (mainly in the Greater Dublin Area), with an award-winning developer and a sector-leading senior management team. In addition to developing our own land, through its Partnerships arm, Glenveagh Living works with strategic holders of development land in the public sector to facilitate the development of mixed-tenure communities and through its PRS arm provides private rental communities for institutional investors. www.glenveagh.ie

 

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