“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. Ires’s plan to raise €100 million from asset sales in the near term is aimed at ensuring that it maintains sufficient headroom over legal and financial debt covenants in a market of declining commercial property values.
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