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Cromwell turmoil continues after boardroom coup

Business

Brisbane’s Cromwell Property has been hit with a boardroom coup that took out its chairman Leon Blitz after its biggest shareholder ARA used its bloc to get control.

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The move left independent director Jane Tongs to take over as chair.

Earlier this year ARA won the right to have two directors on the board, Gary Weiss and Joseph Gersch. It also moved to increase its stake in the company by a partial takeover for 29 per cent of the company it did not already own and categorically ruled out any attempt to get control of the company.

But Blitz, along with John Humphrey and Andrew Fay, were rejected by a shareholder vote, which now has only Tongs, managing director Paul Weightman and independents Tanya Cox and Lisa Scenna.

An extraordinary general meeting will now be held within 90 days and Weightman position would seem to be safe because his seat would not be voted on at the EGM. He has, however, been critical of ARA tactics.

At the company’s annual general meeting the remuneration report was also voted down. That led to the spill motion and the vote against the directors.

An extraordinary general meeting will be held in 90 days.

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