Launch of Share Buyback Programme

 20 March 2025

 

 

Irish Residential Properties REIT plc

 

Launch of Share Buyback Programme

 

 

On 20 February 2025, in its Full Year Results for the year ended 31 December 2024, I-RES announced its intention to launch a share buyback programme of up to €5 million (the "Buyback Programme").

 

I-RES today announces that it is launching its Share Buyback programme and has entered into an agreement with J&E Davy ("Davy") to act as principal to conduct the Buyback Programme and to purchase ordinary shares of €0.10 each (the "Shares") on the Company’s behalf for a maximum aggregate consideration of up to €5 million and to make trading decisions under the Buyback Programme independently of the Company in accordance with certain pre-set parameters.

 

The Buyback Programme will commence today and end no later than 31 May 2025, subject to market conditions. The purpose of the Buyback Programme is to reduce the share capital of the Company, and all Shares repurchased will be cancelled. Under the terms of the Buyback Programme, the Shares will be repurchased on Euronext Dublin. The Buyback Programme will be conducted in accordance with:

 

(i) the Company's general authority to repurchase Shares (which authorises the repurchase of a maximum of 79,436,841 Shares, being approximately 15% of the issued share capital of the Company) as approved by shareholders at the Company's AGM on 10 May 2024 (and as such authority may be renewed and/or amended) (the "Authority"); and

 

(ii) the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052 as well as the applicable laws and regulations of the Central Bank of Ireland.

 

Details of any Shares repurchased under the Buyback Programme will be notified to a Regulatory Information Service by the Company following repurchase. Purchases may continue under the Buyback Programme during any closed period to which the Company is subject. During any closed periods, I-RES and its directors have no power to invoke any changes to the Buyback Programme and it will be executed at the sole discretion of Davy. The Company confirms that it currently has no unpublished inside information.

 

There is no guarantee that the Buyback Programme will be implemented in full or that any Shares will be bought back by the Company.

 

 

 

 

END

For further information please contact:

Investor Relations:

Eddie Byrne, Chief Executive Officer              Tel: +353 (1) 5570974

email: investors@iresreit.ie

Media enquiries:

Cathal Barry, Drury                                                                                      Tel: +353 (0) 87 227 9281

Gavin McLoughlin, Drury                                                                             Tel: +353 (0) 86 035 3749

email: iresreit@drury.ie

 

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. 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.

 

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise.