Learn To Invest
Stocks Special Reports LICs Credit Funds ETFs Tools SMSFs
Video Archive Article Archive
News Stocks Special Reports Funds ETFs Features SMSFs Learn


Ardent staves off board spill

Prashant Mehra  |  04 Sep 2017Text size  Decrease  Increase  |  
Email to Friend

Page 1 of 1

SYDNEY - [AAP] Embattled theme parks operator Ardent Leisure (ASX: AAD) has staved off a planned shareholder vote later on Monday by inviting two rebel shareholders onto its board.

Ardent said both sides had agreed that the extraordinary general meeting scheduled for Monday would not proceed after the company invited Gary Weiss and Brad Richmond to join the board effective immediately.

Two current directors will now step down no later than the 2017 annual general meeting in November, the company said.

Mr Weiss, executive director of Ardent's largest shareholder Ariadne Australia and fellow director Brad Richmond, have sought seats on the Ardent board as part of a plan to turn around what they see as strategic errors at the company.

Mr Weiss has led a campaign Since June to install "new and highly experienced" directors on the Ardent board.

In July, he and fellow investor Kevin Seymour, a Queensland property developer, wrote to Ardent shareholders saying the company had "lost its way" and urging support for new directors to guide the company's increasingly US-focused business.

Ariadne holds a 10.9 per cent stake in Ardent.

Email to Friend
Market News and Views Sign up today and receive our free Morning Note e-newsletter, daily in your inbox.

Ardent Leisure posted a $62.6 million loss for the 2017 financial year after steep falls in visitor numbers following a fatal accident on the Thunder River Rapids ride at its Dreamworld park in Queensland in October, 2016, and the park's subsequent 45-day shutdown.

Ardent Chairman George Venardos, who has previously resisted the push from the rebel shareholders for board representation, on Monday said the two new directors will bring assistance and additional insight to the board.

"We are pleased that Ardent can now focus on executing its stated strategy to drive performance," he said in a statement.


AAP logo image

© [2017] Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

Email To Friend