Irish Residential Properties REIT urges shareholders to reject activist investor EGM proposals
The I-REF directors refuted Vision’s claims that the board cannot be trusted to lead the strategic review.
On Thursday (18 January), Vision, a 5% shareholder, requisitioned an EGM for shareholders to vote for the removal and replacement of five directors and replace them with its own nominees.
Shareholders will also be asked to pass a special resolution requiring the trust to proceed with a strategy resulting in either the privatisation of I-RES or the sale of its assets, either en bloc or over the course of two years.
«Vision believes that I-RES' continuation in its current structure is largely a result of the collective efforts of an entrenched board and management to enrich themselves at the expense of both I-RES shareholders and the critically undersupplied Irish housing market,» it said.
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On Friday (19 January), I-RES directors responded to Vision claims, arguing its proposal is «misleading, contains inaccuracies and depends on unsupported statements attributed to unidentified third parties».
In a stock exchange notice today (24 January), the board reaffirmed its rejection of the resolutions proposed by Vision, noting the strategic review launched earlier this month will explore «all value maximisation options» with an «independent, skilled board».
The directors refuted Vision's claims that the board cannot be trusted to lead the strategic review and expressed concerns that a proposed board controlled by Vision director nominees will not be open and independent.
They said the proposed board will not be «objective to alternative value maximisation outcomes» in the interests of all shareholders, and will instead «be committed to
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