Vision Capital is seeking to have I-RES shareholders fund the costs of its campaign against I-RES of up to €425,000.
Vision is also looking to put forward three nominees for appointment to the Board, all of whom were previously considered and rejected by shareholders at the recent extraordinary general meeting requisitioned by Vision.
In February, shareholders at Ireland's largest private residential landlord, I-RES REIT rejected proposals from Vision Capital to remove five directors from the board and to pursue a strategic review that could have led to the sale of the company or some of its assets.
In a statement this morning, I-RES said the Board does not believe that there is any justification for the company to pay Vision's voluntarily incurred expenses, which include costs related to the EGM at which Vision’s proposals were rejected by the company’s shareholders.
"The Board considers this request to be highly unusual and inconsistent with good governance practice, and the Board remains committed to ensuring that decisions are made in the best interests of all shareholders," it added.
I-RES said it has continued to engage with Vision since the EGM in February.
It said it has made a number of proposals to Vision, culminating in an offer to recommend two of its nominees for appointment to the Board at the AGM, subject to the parties agreeing the terms of a co-operation agreement.
It added that these discussions have not been successful to date.
