“We urge Ires’s board not to proceed with any further asset sales at this juncture until a clear, longer-term strategy that benefits from shareholder-aligned board of directors representation is advanced and communicated.”
Vision Capital has been urging investors to vote against the re-election of Ires chairman Declan Moylan, and three other directors, at an annual general meeting next month for resisting its efforts to have the business put on the market, as its stock trades at a deep discount to its inherent value. Rising interest rates caused residential Reit and real estate investment company discounts to net asset values to widen from nil to a median of more than 40 per cent during 2022, according to the European Public Real Estate Association, ISS noted. Ires’s current discount to Nav is in line with the wider sector.
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