Friday 22 September 2017

IL&P shareholders call for EGM on €4bn plan

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Donal O'Donovan

Donal O'Donovan

IRISH Life & Permanent (IL&P) is counting up the votes of shareholders who have written to demand an emergency general meeting (EGM). If shareholders owning 5pc of the company demand an EGM it must be held within 60 days.

Shares are now being counted after a campaign by a group of shareholders trying to halt or change a €4bn recapitalisation plan that will leave the bank in State ownership.

A group of shareholders opposed to the plan thinks cash raised from the sale of IL&P assets should be counted as their contribution to the recapitalisation, the Government thinks only new money should entitle anyone to new shares.

A spokesman for IL&P said that even if the EGM does get the go-ahead the resolutions tabled must be lawful. The bank has asked its lawyers to consider the group's proposals.

The investors are organised by Scotchstone Capital, an investment fund based in Malta, they wants an independent advisor brought in to review the recapitalisation process.

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