INM in court, Cairn Homes’ founder shares, and Sammon construction in examinership

Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk

Cairn Homes chief executive Michael Stanley, who is set to benefit from the company’s multi-million euro founder share scheme. Photograph: Cyril Byrne / THE IRISH TIMES

Cairn Homes chief executive Michael Stanley, who is set to benefit from the company’s multi-million euro founder share scheme. Photograph: Cyril Byrne / THE IRISH TIMES

 

It was an eventful day in the High Court for Independent News & Media as it opposed an application by the State’s corporate watchdog to appoint inspectors to probe an alleged data breach. Colm Keena, Mark Paul and Simon Carswell report on the various twists and turns to this extraordinary story

The founders of Cairn Homes received a share allocation of some €61.4 million during 2017, as the Irish developer reported a sharp rise in revenues and earnings and continued to benefit from the crunch in housing supply here. Fiona Reddan sifted through its annual report on Monday for these and other details.

Irish construction group Sammon formally entered examinership yesterday, having been left high and dry by the recent collapse of UK operator Carillion, which owed it €8 million. In addition, Kildare-based builder BAM is now likely to fill the void left by Carillion to complete five schools that were left unfinished by the collapse of British construction group. Barry O’Halloran has the details

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