Activist investor is attempting to replace five board members
The board of Ires Reit, the country’s largest private landlord, has been backed by corporate governance adviser Glass Lewis, with its report recommending that shareholders reject proposals brought by activist investor Vision Capital.
Shareholders are to vote at an extraordinary general meeting next week on Vision’s resolutions, which seek to replace five directors, including chairman Declan Moylan and chief executive Margaret Sweeney, with candidates it is putting forward. The investor is also looking for approval to proceed with a strategic review process that would result in a sale or break-up of the company within 24 months.
Glass Lewis has recommended voting against all Vision resolutions, and follows a similar recommendation last week by Institutional Shareholder Services .Weenect Tracker XS: GPS collar will keep tabs on your tabby Vision Capital owns 5 per cent of the business and its EGM motions have the support of Capreit, which owns 18.7 per cent of Ires, and Ewing Morris, a 0.7 per cent shareholder.
Ires announced in early January that it plans to start its own strategic review later this month, as it seeks to ward off the boardroom overhaul attempt. This review would include looking at potential mergers, the company’s status as a listed real-estate investment trust and the sale of the company or its assets in lots.
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