Vision Seeks Shareholder Funding for Activism Costs at I-RES AGM

Irish Residential Properties REIT plc (I-RES) announced receiving a request from Vision Capital Corporation (Vision) for including several resolutions in the upcoming annual general meeting (AGM) scheduled for 2 May 2024. One of these resolutions includes a proposal for I-RES shareholders to finance Vision's activism expenses up to €425,000. Additionally, Vision aims to nominate three board members, previously rejected during an extraordinary general meeting (EGM).

Despite ongoing discussions and an offer from I-RES to appoint two of Vision's nominees to avoid further disruptions, no agreement has been reached. The company's board has engaged with Vision to address its concerns while considering the broader interests of all shareholders. However, negotiations have yet to yield a successful outcome.

The board opposes the use of shareholder funds to cover Vision's campaign costs, citing it as unjustified and contradictory to good governance practices. This stance underscores a commitment to ensuring decisions benefit all shareholders. Amidst these discussions, I-RES's board, including a newly appointed CEO, focuses on a strategic review aimed at maximizing shareholder value, with an update expected before the AGM.