ARA’s attempt to Appoint Weiss Fails

29 March 2020

The attempt by ARA Asset Management to appoint Dr Gary Weiss to the Board has failed for a second time.


The Singaporean investment house narrowly fell short in a shareholder vote last November to elect Dr Weiss to the board and called a fresh shareholder meeting for March 30 in Melbourne to continue the push.


Key proxy advisors held opposing views on the appointment and at a meeting this morning, the resolution was defeated by 59% voting against the proposal.


COVID 19 may well have disrupted ARA's plans to hold the meeting in Melbourne as the lockdown effectively forced all parties to vote by proxy with Cromwell organising an easy process to ease the burden for investors to vote on the proposal.


No doubt, ARA will continue to agitate for change in Cromwell, perhaps even more so as a result of the recent and impending doom in the market.