Canadian activist investor Vision Capital has been waging a open battle against Ires for the past three weeks, after Ires resisted its calls, initially made in private, to put itself up for sale as it stock has traded consistently at a discount to the value it puts on its assets.
Vision last week took aim a Ires’s plans to sell its upmarket Marker apartment block in Dublin’s docklands to lower its debt burden, saying asset disposals should be halted until “a clear, longer-term strategy that benefits from shareholder-aligned board of directors representation is advanced and communicated”.
It is estimated that about 30 per cent of shareholders have signalled their intention to back Vision’s stance ahead of the agm. Calling an egm under Irish company law requires the agreement of the owners of just 10 per cent of a company’s share capital.
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