Shares in Ires Reit tumble as Goodbody warns of further falls

Analyst said all eyes will be on Vision Capital and Capreit after EGM

John Cronin, analyst at Goodbody, said Ires will view the EGM as “victory of sorts” but the share price will likely decline. Picture: David Cantwell Photography

Shares in Ires Reit dropped on Friday after shareholders voted down proposals tabled by activist investor Vision Capital and analysts at Goodbody anticipated the downward momentum will continue.

Shares in the listed property fund were down over 5 per cent to €1.038 after the results of the fund’s emergency general meeting (EGM) were published.

The results showed a majority of shareholders in the listed Irish property company voted to retain all members of the current ...