Brisbane’s $3 billion Cromwell Property Group has warned shareholders there was a “takeover by stealth” underway by Singaporean fund manager ARA Asset Management.

ARA has called for an extraordinary general meeting in a bid to once again get its nominee and corporate raider Gary Weiss on to the board of Cromwell.

An attempt at last year’s AGM was foiled by a vote from shareholders which narrowly defeated the Weiss appointment proposal.

In a letter to shareholders, Cromwell said Weiss was “conflicted, overcommitted, not independent” and had already been rejected by investors.

“Importantly, ARA recently rejected the Cromwell board’s offer to put forward an independent director.

“These actions point to ARA’s takeover by stealth.

“ARA would like you to think that Cromwell is in disarray. The facts show that nothing is further from the truth.

“ARA has incorrectly and selectively presented information about Cromwell to distort the facts.”

It said ARA was a Cromwell competitor and its ongoing hostile attacks are part of a deliberate strategy to gain control of the company and change the strategy to benefit itself without paying the appropriate value to security holders.

ARA needs a simple majority of shareholders to get Weiss on the board and will use its voting bloc of 23 per cent of the company to back him in.

“ARA believes there needs to be a change to ensure the protection of capital and enhancement of shareholder returns for the benefit of shareholders,” it said in a statement.

“ARA strongly believes there needs to be a refreshed strategy and direction from Cromwell and that the addition of Dr Gary Weiss as a new director of the company is in the best interest of shareholders.”

The shareholder meeting is scheduled for March 30.