Donal MacNamee: Disgruntled investors let rip at ‘underperforming’ Ires Reit board

The company’s board say it has outperformed many of its peers, yet many shareholders are frustrated with the share price and dividends and want to sell it into private ownership

Declan Moylan, chairman, and Margaret Sweeney, chief executive of IRES REIT: last week’s AGM ‘shone an uncomfortable spotlight on the directors’.

At its AGM on Friday morning, Ires Reit took a verbal pummelling from many of its investors – including Vision Capital, the Canadian investment firm that is on a crusade to take the company private.

But it was a “small, disillusioned shareholder” by the name of Phil Duggan who delivered the most wincing blow to the board of the state’s largest private landlord.

“My holding in Ires has decreased by 28 per cent,” Duggan told ...