Irish Residential Properties REIT PLC - Dublin-based real estate investment trust - Welcomes report issued by Institutional Shareholder Services, ISS, a "leading corporate governance advisory institution". ISS recommends that shareholders vote against all resolutions proposed by Vision Capital Corp at the extraordinary general meeting it requisitioned, convened for February 16. I-Res board continues to recommend likewise. London-based Vision holds an approximate 5% stake in Irish Residential, and will propose at the EGM to replace five of the board's nine directors with its own nominees. Resolutions also seek shareholder direction to appoint an advisor with a view to selling Irish Residential or its assets, or to liquidating the company, within the next two years.
I-Res, which announced a strategic review overseen by the existing board last month, said on January 22 that Vision's statements on the matter were "misleading" and contained "inaccuracies", and that its "narrowly focused" sale plan carries risks for I-Res shareholders.
Current stock price: EUR1.13
12-month change: up 0.2%
By Emma Curzon, Alliance News reporter
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