DJ 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
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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
EUR425,000. 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.
Vision has requested that I-RES use shareholders' funds to cover a significant part of Vision's activism costs. The
Board does not believe that there is any justification for the Company to pay Vision's voluntarily incurred expenses,
which include costs related to the EGM at which Vision's proposals were rejected by the Company's shareholders. The
Board considers this request to be highly unusual and inconsistent with good governance practice, and the Board remains
committed to ensuring that decisions are made in the best interests of all shareholders.
The Company has a diverse and majority independent Board, recently refreshed with new directors including a new highly
regarded CEO, with an appropriate balance of skills and experience to deliver the Strategic Review which commenced on
23 February 2024. The Board has a mandate from shareholders supporting the ongoing Strategic Review which was endorsed
at the EGM. The Strategic Review is exploring all options available to the Company to maximise value for shareholders,
and an update will be provided to the market ahead of the Company's AGM.
END
For further information please contact:
For Investor Relations at Irish Residential Properties REIT plc:
Luke Ferriter, Investor Relations investors@iresreit.ie Tel: +353 (0) 1 563 4000
Margaret Sweeney, Chief Executive Officer Tel: +353 (0) 1 557 0974
For Media Queries:
Padraig McKeon, I-RES PR and Communications Tel: + 353 (0) 87 231 2632
Jonathan Neilan, FTI Consulting ires@fticonsulting.com Tel: +353 (0) 86 231 4135
About Irish Residential Properties REIT plc
Irish Residential Properties REIT plc ("I-RES") is a growth oriented Real Estate Investment Trust providing quality
professionally managed homes in sustainable communities in Ireland. The Group owns 3,734 apartments and houses for
private rental in Dublin and Cork. I-RES aims to be the provider of choice for the Irish living sector, known for
excellent service and for operating responsibly, minimising its environmental impact, and maximising its contribution
to the community. The Company's shares are listed on Euronext Dublin. Further information at www.iresreit.ie.
Important Notices
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of
any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the
solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise.
The release, distribution or publication of this announcement in jurisdictions outside Ireland may be restricted by
laws of the relevant jurisdictions and therefore persons into whose possession this announcement comes should inform
themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a
violation of the securities law of any such jurisdiction.
Responsibility Statement
The directors of I-RES accept responsibility for the information contained in this announcement. To the best of the
knowledge and belief of the directors (who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts and does not omit anything likely to affect
the import of such information.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: IE00BJ34P519
Category Code: MSCH
TIDM: IRES
LEI Code: 635400EOPACLULRENY18
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 313689
EQS News ID: 1873845
End of Announcement EQS News Service
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(END) Dow Jones Newswires
April 05, 2024 02:00 ET (06:00 GMT)
