IL&P shareholders on verge of forcing historic vote

SHAREHOLDERS in Irish Life & Permanent (IL&P) seem to be on the verge of forcing an historic vote on the group’s recapitalisation plans, but could run out of time before succeeding in their aim.

A group of disgruntled institutional investors — led by investment fund, Scotchstone Capital — are fighting the plans, which include the disposal of Irish Life. At IL&P’s volatile annual general meeting, last month, its new chairman, Alan Cook admitted that up to €2.5 billion of the group’s €4bn post-stress test capital requirements will have to come from Government.

Mr Cook also said that IL&P would take “all reasonable steps” to raise as much of its funding target by its own means, as possible, adding that the stress test results seemed “profoundly unfair” on IL&P shareholders in particular.