12 April 2018
Appointment of New Director
Irish Residential Properties REIT plc ("I•RES" or the "Company") announces the appointment of Tom Kavanagh to the board of the Company as an independent non-executive director with effect from 1 June 2018 (subject to shareholder approval at the Company's annual general meeting on 29 May 2018).
Tom Kavanagh is currently a partner at Deloitte Ireland. Mr. Kavanagh is due to retire as a partner at Deloitte Ireland with effect from 31 May 2018, but will continue to provide consulting services until 31 December 2018. Mr. Kavanagh has wide ranging experience in professional practice as a business adviser, in corporate restructuring, forensic accounting and as an insolvency practitioner. This has included, over the last 10 years, advising on the restructuring of distressed Irish property assets. Mr. Kavanagh has served as a director on the boards of a number of private companies and was a member of the board of the Credit Union Restructuring Board, REBO, from 2012 to 2014.
Mr. Kavanagh holds a Bachelors of Commerce from University College Dublin. He has been a member of Chartered Accountants Ireland (FCA) since 1982 and is a licensed Insolvency Practitioner.
Mr. Kavanagh does not have any interest in any shares or share options in I•RES.
Mr. Kavanagh has not held any directorships in other publicly quoted companies at any time in the previous five (5) years.
This appointment has been made following a formal selection process conducted by the Nomination Committee. Upon his appointment as a director of I•RES becoming effective on 1 June 2018, Mr. Kavanagh will also join each of the Audit Committee and the Remuneration Committee as an additional member. On that basis, with effect from 1 June 2018, (i) the Audit Committee will consist of the following members: Joan Garahy, Aidan O'Hogan and Tom Kavanagh (Ms. Garahy will continue to serve as Chair of the Audit Committee); (ii) the Remuneration Committee will consist of the following members: Aidan O'Hogan, Declan Moylan, Joan Garahy and Tom Kavanagh (Mr. O'Hogan will continue to serve as Chair of the Remuneration Committee); and (iii) the Nomination Committee will continue to consist of the following members: Declan Moylan, Phillip Burns, Aidan O'Hogan and Joan Garahy (Mr. Moylan will continue to serve as Chair of the Nomination Committee).
I•RES confirms that there are no other matters requiring disclosure in relation to Rule 6.6.7 (1) to (6) of the Main Securities Market Listing Rules of Euronext Dublin (the new trading name of The Irish Stock Exchange plc).
Declan Moylan, I•RES' Chairman, commented:
"We are extremely pleased to welcome Tom Kavanagh to the Board of I•RES. We believe that Tom brings wide ranging business experience and knowledge of the property sector in Ireland and coupled with a significant finance background, will be a valuable addition to our Board."
For further information please contact:
For Investor Relations:
Irish Residential Properties REIT plc
Margaret Sweeney, CEO
+353 (0) 1 5570974
For Media Requests:
+ 353 87 2597644
About Irish Residential Properties REIT plc
Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust ("REIT") listed on Euronext Dublin. The Company is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to acquire, hold, manage and develop investments primarily focused on residential rental accommodations in Ireland. I•RES currently owns 2451 residential units. Further information in respect of I•RES can be obtained from I•RES' website at www.iresreit.ie.
Note on forward-looking information
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. 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 except as required by law or by any appropriate regulatory authority.
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
This information is provided by RNS