Irish Residential Properties REIT plc (IRES)
Result of EGM
16-Feb-2024 / 14:45 GMT/BST
For immediate release
16 February 2024
Irish Residential Properties REIT plc
Result of Extraordinary General Meeting
All resolutions proposed by Vision rejected
Irish Residential Properties REIT plc (“I-RES” or the “Company”) announces that all resolutions proposed by Vision Capital Corporation (“Vision”) at the Extraordinary General Meeting (“EGM”) held today were rejected.
The Board of I-RES welcomes the support from shareholders over recent weeks during extensive engagement. The I-RES Board is focused on announcing its 2023 financial results, to be released on Friday, 23 February 2024, and then proceeding with its strategic review as announced on 8 January 2024 (the “Strategic Review”). The Strategic Review will be conducted expeditiously in all shareholders’ interests, without pre-conditions, by a highly experienced independent Board, supported by external advisors in finance and real estate, with progress updates provided by the Board to Shareholders.
Voting on all resolutions at the EGM was conducted by poll and the results are set out below:
Res No.
Title
For
For %
Against
Against %
Withheld*
Withheld %
Total Votes
% of Issued Share Capital
1(a)
To remove Declan Moylan as a Director
160,280,036
40.91%
231,464,769
59.09%
-
0.00%
391,744,805
73.97%
1(b)
To remove Margaret Sweeney as a Director
156,865,068
40.05%
234,764,737
59.95%
115,000
0.03%
391,629,805
73.95%
1(c)
To remove Brian Fagan as a Director
183,341,729
46.80%
208,403,076
53.20%
-
0.00%
391,744,805
73.97%
1(d)
To remove Joan Garahy as a Director
159,954,185
40.83%
231,790,620
59.17%
-
0.00%
391,744,805
73.97%
1(e)
To remove Tom Kavanagh as a Director
158,924,536
40.57%
232,820,269
59.43%
-
0.00%
391,744,805
73.97%
2(a)
To appoint Amy Freedman as a Director
150,072,714
39.46%
230,237,785
60.54%
11,064,306
2.91%
380,310,499
71.81%
2(b)
To appoint Richard Nesbitt as a Director
147,879,230
38.85%
232,808,269
61.15%
11,057,306
2.90%
380,687,499
71.88%
2(c)
To appoint Colm Lauder as a Director
176,705,510
46.42%
203,981,989
53.58%
11,057,306
2.90%
380,687,499
71.88%
2(d)
To appoint Mark Barr as a Director
156,980,538
40.07%
234,764,267
59.93%
-
0.00%
391,744,805
73.97%
2(e)
To appoint Sharon Stern as a Director
158,201,568
40.38%
233,536,237
59.62%
7,000
0.00%
391,737,805
73.97%
3
To amend Article 86(a) of the Articles of Association
156,522,538
40.00%
234,760,267
60.00%
462,000
0.12%
391,282,805
73.89%
4
To direct the Directors to appoint an adviser to advise the Company in undertaking a Review
156,511,538
40.00%
234,760,267
60.00%
473,000
0.12%
391,271,805
73.88%
* A vote withheld is not a vote in law and is not counted in the proportion of votes for or against a resolution.
The Board notes that more than 20% of shareholders voted against the Board’s recommendation, in favour of the Vision Capital resolutions and also that the sources and levels of dissent are similar to dissent expressed on certain resolutions at the 2023 AGM. This Board recognises this result reflects well publicised differences of opinion apparent in certain sections of the register and notes the public statements made by CAPREIT and Ewing Morris ahead of this EGM. The Board takes seriously its responsibility to understand shareholders’ opinions and to minimise conflict and will continue to engage with all shareholders constructively and to act in all shareholders interests.
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.
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
ISIN: IE00BJ34P519 Category Code: MSCU 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.: 304386 EQS News ID: 1839365
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