Tensions have escalated further inside Cromwell with another approach by ARA to install Gary Weiss (and along with him, Mr Gersh) to the Board landing on their desk.
ARA issued an updated Bidders Statement today, confirming the increase in their previous offer and proposing an Extraordinary General Meeting on the 18 September 2020 to vote on the Board appointments. A number of Unit holders have already taken up Cromwell's offer with the Group now holding a 26.6% interest in the Cromwell.
This is the third time ARA has attempted to push for its nominees to be elected to the Cromwell Board in less than a year, with previous attempts in March 2020 and November 2019 both defeated.
According to Cromwell, ARA is attempting to secure control of Cromwell by stealth by launching a proportional takeover offer and seeking to install its nominees on Cromwell’s Board under the guise of refreshing the Board to change Cromwell’s strategy.
A frustrated Cromwell does not believe ARA’s actions are in anyone’s interests except its own and has urged securityholders to ignore all proportional takeover documents from ARA and take no further until they receive Cromwell’s response.
Cromwell will announce its FY20 results on Thursday 27 August 2020.
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