I-RES and Vision enter into a Co-Operation Agreement

Irish Residential Properties REIT plc (IRES) I-RES and Vision enter into a Co-Operation Agreement 08-Apr-2024 / 15:20 GMT/BST THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

For immediate release

8 April 2024

 

Irish Residential Properties REIT plc

(the “Company or “I-RES”)

 

I-RES and Vision enter into a Co-Operation Agreement

 

I-RES announces that it has entered into a Co-Operation Agreement (the “Agreement”) with Vision Capital Corporation (“Vision”).

Under the terms of the Agreement, the I-RES Board will recommend that shareholders approve the appointment to the Board of two Vision nominees, Richard Nesbitt and Amy Freedman, at the Company’s forthcoming annual general meeting (“AGM”). Biographies of the proposed nominees and detailed information about the matters to be presented at the AGM will be included in the Notice of AGM to be published in due course.

The resolutions put forward by Vision on 20 March 2024 for inclusion in the Company’s Notice of AGM have been withdrawn. The Company’s 2024 AGM, which was originally scheduled for 2 May, will now be held at 11:30 a.m. on Friday, 10 May at The Herbert Park Hotel, Ballsbridge, Dublin 4 D04 R2T2. The change of date is to facilitate the preparation of revised documentation for the AGM that reflects the withdrawal of the Vision resolutions and the proposed changes to the Board described in this announcement.

Vision undertakes, under the terms of the Agreement, to vote in favour of I-RES Board recommended resolutions (not including those concerning material transactions) at general meetings of the Company from the date of the Agreement until after the Company’s 2025 AGM, and has agreed a standstill on initiating or participating in any further shareholder activist campaigns during that period.