The board of Ireland's largest private landlord, Irish Residential Properties REIT, has received the backing of corporate governance advisor Glass Lewis ahead of the company's EGM next week.
Glass Lewis has recommended that shareholders vote against all resolutions proposed by Vision Capital Corporation at the EGM, which is scheduled for February 16.
This follows a similar recommendation issued last week by Institutional Shareholder Services.
In a short statement today, the I-RES Board said it continues to recommend shareholders vote against all resolutions proposed by Vision.
Vision is proposing that I-RES be required to consider a comprehensive strategic review to assess options, including a sale of the company or its assets, or a process to sell I-RES or its assets in an organised manner over the next two years.
It is also proposing that five members of the board of I-RES be replaced with candidates that are supported by Vision Capital, which owns 5% of the business.
Vision itself received a boost in recent weeks after I-RES's largest shareholder said it was backing Vision's position.
Canadian property fund, Capreit, which owns 18.7% of I-RES, confirmed it intends to support Vision Capital’s resolutions at next week's EGM.
I-RES has already said it will begin its own strategic review in the first quarter of this year after it reports full year results for 2023.
This will consider all strategic options available to maximise the inherent value contained within the IRES portfolio, it said.
These include but are not limited to new strategic initiatives, consolidation, combinations, mergers or other corporate action, a review of the company's status as a listed REIT, the sale of the entire issued share capital of the company and selling the company’s assets and returning value to shareholders.
