ARA’s nomination had come during a campaign to change Cromwell’s business strategy and boost the stock’s value. Cromwell has argued that ARA is trying to exert control without paying for the privilege, and with a future listing in mind.
SINGAPORE (Dec 2): Cromwell Property Group has narrowly fended off an attempt by Singapore’s ARA Asset Management to get its preferred candidate onto the board, in the latest tussle between the Australian real estate manager and its largest shareholder.
At an annual general meeting in Brisbane on Nov 28, 51.3% of shareholders heeded Cromwell’s call to vote against Gary Weiss, according to a filing from the company.
