Irish Life EGM proposals sought

DISSIDENT shareholders in Irish Life & Permanent have succeeded in getting four extra resolutions tabled at the bancassurer’s EGM next week, including a proposal to appointment new advisers to review options for raising capital.

The company said yesterday that shareholders representing more than 3% of the voting rights of the company had called for the extra resolutions which would also seek an extension of Irish Life’s capital raising deadline of July 31.

Fresh stress tests, agreed as part of Ireland’s EU-IMF bailout, showed Irish Life & Permanent needed to raise €4 billion ($5.7bn) in extra capital, sending its share price nosediving from €1 at the end of December to around 4 cents currently.