Extension of PUSU Deadline
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Irish Residential Properties REIT plc (IRES)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 (THE “IRISH TAKEOVER RULES” OR THE “RULES”).
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
9 November 2026
Irish Residential Properties REIT plc
Extension of PUSU Deadline
On 28 September 2026, the Board of Irish Residential Properties REIT plc (“I-RES", “The Board” or the “Company”) confirmed that it had received a number of proposals regarding a possible all cash offer for the entire issued and to be issued ordinary share capital of I-RES (the “Possible Offer”) from Baring International Investment Limited (“Barings”) on behalf of certain related funds and accounts for which it acts as investment advisor, the most recent of which was at a price of €1.386 per I-RES ordinary share (the “Possible Offer Value”).
In accordance with Rule 2.6(a) of the Irish Takeover Rules, Barings was required, by not later than 5.00 p.m. on 9 November 2026 (the "PUSU Deadline"), to either announce a firm intention to make an offer for I-RES in accordance with Rule 2.7 of the Irish Takeover Rules or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Rules applies.
Barings has confirmed to the Board of I-RES that there has been no change to the Possible Offer Value and that it has completed its confirmatory due diligence. The Board has carefully evaluated the Possible Offer together with its advisers and has unanimously concluded that the Possible Offer is at a level which, should a firm offer pursuant to Rule 2.7 of the Irish Takeover Rules be made on such financial terms, the Board would be minded to recommend such a firm offer to I-RES shareholders.
In order to allow for the finalisation of definitive transaction documentation, Barings has requested a short extension to the PUSU Deadline. Accordingly, the Board of I-RES has requested, and the Irish Takeover Panel has consented to, an extension of the current PUSU Deadline under Rule 2.6(c) of the Irish Takeover Rules.
Consequently, in accordance with Rule 2.6(a) of the Irish Takeover Rules, Barings is now required, by no later than 5.00 pm (Irish/UK time) on 10 November 2026, to either announce a firm intention to make an offer for I-RES in accordance with Rule 2.7 of the Irish Takeover Rules or announce that it does not intend to make an offer for I-RES, in which case the announcement would be treated as a statement to which Rule 2.8 of the Irish Takeover Rules applies. The revised deadline may only be extended further at the request of the Board and with the consent of the Panel.
Barings reserves the right, subject to the consent of the Irish Takeover Panel, to vary the form and / or mix of the offer consideration. Pursuant to Rule 2.5 of the Irish Takeover Rules, Barings also reserves the right to amend the terms of any offer (including making the offer at a lower value or on less favourable terms):
There can be no certainty that a firm offer will be made. A further announcement will be made as and when appropriate.
This announcement has been made with the consent of Barings.
Enquiries
Disclosure requirements of the Irish Takeover Rules
Under Rule 8.3(b) of the Irish Takeover Rules, any person 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of the Company must disclose all 'dealings' in such 'relevant securities' during the 'offer period'. The disclosure of a 'dealing' in 'relevant securities' by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (Irish/UK time) on the business day following the date of the transaction. A dealing disclosure must contain the details specified in Rule 8.6(b) of the Irish Takeover Rules, including details of the dealing concerned and of the person's interests and short positions in any 'relevant securities' of the Company.
A disclosure table, giving details of the companies in whose 'relevant securities' 'opening positions' and 'dealings' should be disclosed, can be found on the Takeover Panel's website at www.irishtakeoverpanel.ie.
'Interests' in securities arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks in this section are defined in the Irish Takeover Rules, which can also be found on the Irish Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a dealing or an opening position under Rule 8, please consult the Irish Takeover Panel's website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020.
Responsibility Statement
The Directors of I-RES accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Market Abuse Regulations
The information contained within this announcement would have, prior to its release, constituted inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014. Upon the publication of this announcement via a regulatory information service, this inside information will be considered to be in the public domain. The person responsible for arranging for the release of this information on behalf of I-RES is Anna-Marie Curry.
Document Availability
In accordance with Rule 26.1 of the Irish Takeover Rules, a copy of this announcement will be available on the Company’s website at https://www.iresreit.ie/investors/ by no later than 12.00 (noon) (Irish/UK time) on the business day following publication of this announcement. The content of the website referred to in this announcement is not incorporated into, and does not form part of, this announcement.
Important Notices N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for I-RES and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than I-RES for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.
Barclays Bank PLC, acting through its Investment Bank ("Barclays"), which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for I-RES and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than I-RES for providing the protections afforded to its clients or for providing advice in relation to any matter referred to in this announcement.
J&E Davy (“Davy”), which is regulated in Ireland by the Central Bank of Ireland, is acting exclusively for I-RES and no one else in relation to the matters described in this announcement. In connection with such matters, Davy, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to anyone other than I-RES for providing the protections afforded to their clients or for providing advice in connection with the matters described in this announcement or any matter referred to herein.
This announcement is not intended to, and does not, constitute or form part of (1) an offer or invitation to purchase or otherwise acquire, subscribe for, tender, exchange, sell or otherwise dispose of any securities; (2) the solicitation of an offer or invitation to purchase or otherwise acquire, subscribe for, tender, exchange, sell or otherwise dispose of any securities; or (3) the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. View original content: EQS News |
| ISIN: | IE00BJ34P519 |
| Category Code: | OUP |
| TIDM: | IRES |
| LEI Code: | 635400EOPACLULRENY18 |
| Sequence No.: | 448884 |
| EQS News ID: | 2430488 |
| End of Announcement | EQS News Service |
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