Ewing Morris Reaffirms its support for Vision Capital at the Upcoming IRES EGM

TORONTO, Jan. 29, 2024 /PRNewswire/ -- Funds managed by Ewing Morris & Co. Investment Partners ("Ewing Morris") have been shareholders of IRES for over three years and currently own more than three million shares. We have previously endorsed the case for change at IRES and intend to do so again at the upcoming EGM where we will be voting for change, consistent with other significant shareholders including Vision Capital and CAP REIT.

Fundamentally, we believe that an ownership voice is the single best form of governance. The incumbent board's vehement resistance to shareholder representation is abundantly frustrating. We are shocked that the board would spend millions to defend outgoing directors rather than welcome fresh, independent voices supported by so many large shareholders.

The board's assertions that the proposed directors represent a control block are nonsense. There are no employment, contractual, voting or financial relationships between Ewing Morris and Vision Capital. We both happen to be long suffering shareholders of IRES, frustrated that IRES has underperformed compared to its Irish peers, all of whom went public around the same time as IRES and all of whom subsequently determined that privatization was a superior outcome for shareholders.

Similarly, there are no employment, contractual, voting or financial relationships between Ewing Morris and Sharon Stern. Sharon Stern was nominated to the board of Cedar Realty ("Cedar") by Camac Partners, not Ewing Morris. Ms. Stern did serve on the board of Cedar alongside Darcy Morris, the CEO of Ewing Morris and during their tenure together, Cedar's share price roughly doubled in about twelve months. We would have expected that IRES's board to welcome a nominee with Ms. Stern's history of value creation.

We encourage other shareholders to review Vision Capital's circular and carefully consider their vote.

Ewing Morris & Co. Investment Partners Ltd. is a value driven Canadian investment firm established in September 2011 by John Ewing and Darcy Morris. Our aim is to achieve preservation and growth of capital for our Limited Partners by focusing on inefficient markets. We do this by relying on fundamental analysis, high conviction and the use of flexible capital. We manage strategies with a focus on small and mid-cap companies. We manage investments for individuals as well as charitable organizations, institutions and corporations.

No Offer or Solicitation

This press release is not intended to, and does not, constitute or form part of any offer, invitation, request to cooperate or solicitation in respect of any securities or the solicitation of any vote, approval or cooperation in any jurisdiction. The release, distribution or publication of this announcement in jurisdictions outside of Ireland may be restricted by laws of the relevant jurisdictions, and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

MEDIA CONTACT: [email protected], Tel: 416-640-2793; www.ewingmorris.com