ICG: Oxy Capital comments on the adjournment of the Scheme Meeting of Irish Continental Group PLC (“ICG”)

LISBON, Portugal--(BUSINESS WIRE)--Oxy Capital SGOIC, S.A. has published its comments on the decision of the Chair of the Independent Board to adjourn ICG’s Scheme Meeting and EGM from 28 August to 10 September 2026 in order to solicit additional proxies in favour of the MBO Bid.

The stated rationale is difficult to accept when weeks earlier the Independent Board had defended the timetable as being governed by the Irish Takeover Rules. That apparently inflexible position was reversed after the interim proxy count pointed to clear defeat for the Scheme.

Separately, Glass Lewis, one of the principal international proxy advisers, has recommended that shareholders vote against the Scheme, observing that the €8 bid “appears to have been struck at a low relative valuation”. That independent assessment supports Oxy Capital’s view that the current offer undervalues the Company.

In its view, if the objective is a sale of the business, ICG should run a fair and open process on a realistic timetable, which would deliver a materially better outcome for all shareholders.

Oxy Capital encourages all other independent shareholders to reject the offer by casting their votes AGAINST the resolutions proposed at the Scheme Meeting and Extraordinary General Meeting reconvened for 10 September 2026.

A full copy of the press release can be found on Oxy Capital’s website and by clicking here.