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Dublin: 22 °C Tuesday 23 July, 2019
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Irish Life and Permanent's 'rebel' shareholders call for EGM

But IL&P says its advice suggests this shareholder group can’t demand the meeting…

Image: Laura Hutton/Photocall Ireland

A GROUP OF ‘rebel’ Irish Life and Permanent shareholders say they have enough shareholder support to call an extraordinary general meeting over the company’s recapitalisation plans.

According to stress testing in March, IL&P needs to raise an extra €4bn in capital. The company is pushing ahead with plans to sell its insurance section after the High Court granted the Minister for Finance an order allowing the move.

The sale of its Irish Life Ltd assets and business is part of the company’s efforts to raise funds without taxpayer assistance.

A spokesperson for the company told Reuters it has not been advised that the level of shareholder support for an EGM is high enough to calling the meeting.

They said that if the shareholder support was shown to reach the 5 per cent required – and the shareholders claim they have 14 per cent – then the company would consider holding the meeting.

Read Padraic Halpin’s report in full on Reuters >

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