Vision wants IRES to pay its activism costs

Activist investor Vision Capital Corporation, which has been pushing Irish Residential Properties REIT to sell the business, wants shareholders to pay for its campaign. Vision has asked IRES to put a number of resolutions on the agenda for the company’s annual general meeting on 2 May, including shareholders funding up to €425,000 (£364,000) for the cost of its campaign against the business. Vision is also seeking to put forward three nominees for appointment to the board, all of whom IRES said were previously considered and rejected by shareholders at the recent extraordinary general meeting. IRES said it did not believe there was any justification for the company to pay Vision’s voluntarily incurred expenses. It said: “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.”