I-RES Forms Strategic Alliance with Vision through Co-Operation Agreement

Irish Residential Properties REIT plc (I-RES) and Vision Capital Corporation have reached a significant agreement to collaborate, as announced on April 8, 2024. This Co-Operation Agreement marks a pivotal turn in I-RES's governance and strategic planning ahead of the company's Annual General Meeting (AGM).

As part of this arrangement, and with the support of I-RES's Board, shareholders will be asked to approve the nomination of two Vision representatives, Richard Nesbitt and Amy Freedman, for board membership during the forthcoming AGM. This move comes following the withdrawal of resolutions previously proposed by Vision, signaling a harmonized approach to leadership and strategy between I-RES and Vision.

The AGM, initially scheduled for May 2, 2024, has been pushed to May 10, 2024, to accommodate these adjustments and will take place at The Herbert Park Hotel, Dublin. This allows for the preparatory work needed to reflect these new shifts in board nominations and governance strategies within the AGM's documentation.

Additionally, in order to facilitate the inclusion of the Vision nominees on the board and maintain adherence to corporate governance best practices, I-RES’s executive director, Brian Fagan, will not seek board re-election, though he will continue as CFO.

Hugh Scott-Barrett and Jeff Olin, representing I-RES and Vision respectively, have both expressed positivity regarding the agreement, seeing it as a pathway towards maximizing shareholder value and enhancing the company's strategic direction.