Irish Life & Permanent has called an extraordinary general meeting of shareholders to vote on measures aimed at enabling the company to meet a €4bn target set by the Central Bank.
The egm, which had been sought by a group of shareholders, is to be held at the D4 Ballsbridge Inn Hotel in Dublin on 20 July.
Shareholders will vote on proposals to issue the Minister for Finance up to €3.bn of shares in the company, and to take IL&P's shares off the Dublin and London stock markets. IL&P must raise the capital by a deadline of 31 July.
IL&P said its board believed the measures to be in the best interests of the company and shareholders, 'given the lack of alternative options available'.
If shareholders did not back the proposals, the board believed the Minister would use his powers under banking legislation to ensure that IL&P met its targets.
A group of IL&P shareholders had been calling for an egm, as they want to change its recapitalisation programme, which involves the disposal of Irish Life to help shore up losses at Permanent TSB bank.
The shareholders, led by Malta-based investment fund Scotchstone Capital, are looking for an extension in the end of 31 July deadline for the recapitalisation and the appointment of an investment bank advisor to review the process.
