I-RES Commences Comprehensive Strategic Review
23.02.2024 - 08:00:04I-RES Commences Comprehensive Strategic Review. Irish Residential Properties REIT plc / IE00BJ34P519
| Irish Residential Properties REIT plc (IRES) 23-Feb-2024 / 07:00 GMT/BST For immediate release 23 February 2024 Irish Residential Properties REIT plc (“the “Company” or “I-RES”) As previously announced by the Company on 8 January 2024, following the release of our 2023 Full Year Financial Results today, I-RES is now commencing a strategic review which will comprise a comprehensive consideration of all strategic options to maximise value for Shareholders (the “Strategic Review”). The Strategic Review will be led by a Board Committee comprised of newly appointed Chair Hugh Scott-Barrett and non-executive directors Denise Turner and Phillip Burns, and will be supported by Savills, a leading real estate advisory firm with local and international knowledge, in conjunction with our existing international financial advisors and brokers. Strategic options to be assessed will include, but not be 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. Based on extensive engagement with our Shareholders over the last few months, the Board recognises that many Shareholders welcome the comprehensive Strategic Review at this time. The Board looks forward to continued engagement with Shareholders and plans to provide status updates to the market at key milestones throughout the Strategic Review process, beginning with an update ahead of the Company’s AGM in May. There is no certainty that any change will result from the Strategic Review or that any sale, strategic investment or other transaction will be concluded, nor as to the terms on which any offer, strategic investment or other transaction may be made. The Company confirms it is not in receipt of any approach nor in any discussion with any offeror or in talks with any potential counterparty generally in connection with a transaction. END For further information please contact: For Investor Relations at Irish Residential Properties REIT plc: Luke Ferriter, Investor Relations investors@iresreit.ie Tel: +353 (0) 1 563 4000 Margaret Sweeney, Chief Executive Officer Tel: +353 (0) 1 557 0974 For Media Queries: Padraig McKeon, I-RES PR and Communications Tel: + 353 (0) 87 231 2632 Jonathan Neilan, FTI Consulting ires@fticonsulting.com Tel: +353 (0) 86 231 4135 About Irish Residential Properties REIT plc Irish Residential Properties REIT plc (“I-RES”) is a growth oriented Real Estate Investment Trust providing quality professionally managed homes in sustainable communities in Ireland. The Group owns 3,734 apartments and houses for private rental in Dublin and Cork. I-RES aims to be the provider of choice for the Irish living sector, known for excellent service and for operating responsibly, minimising its environmental impact, and maximising its contribution to the community. The Company's shares are listed on Euronext Dublin. Further information at www.iresreit.ie. Important notices This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise. The release, distribution or publication of this announcement in jurisdictions outside Ireland may be restricted by laws of the relevant jurisdictions and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction. Responsibility Statement The directors of I-RES accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | IE00BJ34P519 |
| Category Code: | MSCH |
| TIDM: | IRES |
| LEI Code: | 635400EOPACLULRENY18 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 305511 |
| EQS News ID: | 1843497 |
| End of Announcement | EQS News Service |
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