Shareholder showdown for Cromwell board berth

A hard-fought battle between Cromwell Property Group and its major investor ARA Asset Management over the Singaporean player's board nomination is expected to go down to the wire at the shareholders' annual general meeting in Brisbane today.

Such are the stakes involved, that both sides have prosecuted an unusually intense effort to win support ahead of the AGM, lobbying institutional investors and fighting a minor tussle in court over proxy information.

Cromwell has hired proxy solicitation firm Morrow Sodali to work the register, while ARA has had Georgeson in its corner to drum up support.

In recent weeks it has become a battle for the hearts and minds of the retail vote as well, with the level of turnout a crucial factor in whether ARA can pass the 50 per cent threshold of those who vote to get its nominee, veteran director Gary Weiss, onto the board.

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