DJ Result of EGM
Irish Residential Properties REIT plc (IRES)
Result of EGM
16-Feb-2024 / 14:45 GMT/BST
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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:
% of
Res No. Title For For % Against Against Withheld* Withheld Total Votes Issued
% % Share
Capital
1(a) To remove Declan Moylan as 160,280,036 40.91% 231,464,769 59.09% - 0.00% 391,744,805 73.97%
a Director
1(b) To remove Margaret Sweeney 156,865,068 40.05% 234,764,737 59.95% 115,000 0.03% 391,629,805 73.95%
as a Director
1(c) To remove Brian Fagan as a 183,341,729 46.80% 208,403,076 53.20% - 0.00% 391,744,805 73.97%
Director
1(d) To remove Joan Garahy as a 159,954,185 40.83% 231,790,620 59.17% - 0.00% 391,744,805 73.97%
Director
1(e) To remove Tom Kavanagh as 158,924,536 40.57% 232,820,269 59.43% - 0.00% 391,744,805 73.97%
a Director
2(a) To appoint Amy Freedman as 150,072,714 39.46% 230,237,785 60.54% 11,064,306 2.91% 380,310,499 71.81%
a Director
2(b) To appoint Richard Nesbitt 147,879,230 38.85% 232,808,269 61.15% 11,057,306 2.90% 380,687,499 71.88%
as a Director
2(c) To appoint Colm Lauder as 176,705,510 46.42% 203,981,989 53.58% 11,057,306 2.90% 380,687,499 71.88%
a Director
2(d) To appoint Mark Barr as a 156,980,538 40.07% 234,764,267 59.93% - 0.00% 391,744,805 73.97%
Director
2(e) To appoint Sharon Stern as 158,201,568 40.38% 233,536,237 59.62% 7,000 0.00% 391,737,805 73.97%
a Director
To amend Article 86(a) of
3 the Articles of 156,522,538 40.00% 234,760,267 60.00% 462,000 0.12% 391,282,805 73.89%
Association
To direct the Directors to
4 appoint an adviser to 156,511,538 40.00% 234,760,267 60.00% 473,000 0.12% 391,271,805 73.88%
advise the Company in
undertaking a Review
* 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.
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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 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
February 16, 2024 09:45 ET (14:45 GMT)
