Canadian investment firm Vision Capital, which has waged a high-profile activist battle against the board of Ires Reit for the past year, is seeking a refund of as much as €425,000 of its campaign costs, and plans to put forward three director nominees at an upcoming annual general meeting .
Vision’s resolution requests are now on track to be added to agm resolutions, which must be circulated to shareholders by the end of next week to comply with notice rules ahead of the meeting on May 2nd.There’s no real competition in Irish banking Ires said it does not believe there is any justification for the company to cover a significant part of Vision’s voluntary incurred expense, including those related to the egm at which the activist’s resolutions were defeated.
The review, widely viewed as a defensive move against Vison’s campaign, is looking at what the company calls a “full range of strategic options” to maximise value for shareholders, including consolidation, mergers, a review of the company as a listed Reit, the sale of the company or disposal of its assets.
Ires’s chief executive designate Eddie Byrne will start with the company next week. He will formally succeed Margaret Sweeney as CEO on the eve of the agm.AIB offers to buy small shareholdings for €100 that were once worth €120,000
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