Vision Submits Resolutions for Inclusion at I-RES AGM

Irish Residential Properties REIT plc (IRES) Vision Submits Resolutions for Inclusion at I-RES AGM 05-Apr-2024 / 07:00 GMT/BST For immediate release

5 April 2024

 

Irish Residential Properties REIT plc

(the “Company” or “I-RES”)

 

Vision Capital seeks that I-RES shareholders pay Vision’s activism costs 

 

Vision submits resolutions for inclusion at I-RES AGM

 

 

I-RES announces that it has received a request from Vision Capital Corporation (“Vision”) to put a number of resolutions on the agenda for the Company’s annual general meeting (“AGM”), to be held on 2 May 2024.

 

In its proposals, Vision seeks to have I-RES shareholders fund the costs of its campaign against I-RES of up to €425,000. Vision is also seeking to put forward three nominees for appointment to the Board, all of whom were previously considered and rejected by shareholders at the recent extraordinary general meeting (“EGM”) requisitioned by Vision.

 

Despite significant efforts by the Board to find a fair and reasonable basis for a settlement with Vision, including the offer of two seats on the Company’s Board, to prevent further disruption to the Company’s ongoing Strategic Review and which avoids the continued unnecessary use of shareholder funds, an agreement has not been reached.

 

Since the EGM on 16 February 2024, the Board has continued to constructively engage with Vision, seeking to address its concerns while balancing the broader interests of all the Company’s shareholders. The Company has in that engagement made successive constructive, good faith proposals to Vision culminating in an offer to recommend two of its nominees for appointment to the Board at the AGM, subject to the parties agreeing the terms of a co-operation agreement. These discussions have not been successful to date.