Vote set in board face-off

ARDENT Leisure’s biggest shareholders have set the date for a vote on appointing new directors, saying they have “significant concerns” about how the embattled theme parks operator has been run.

Investor Gary Weiss and property developer Kevin Seymour, who own 9.86 per cent of Ardent between them, have called a meeting of shareholders on September 4.

They are asking for four new appointments to the board of Ardent, which owns Dreamworld and WhiteWater World on the Gold Coast.

In a letter to Ardent shareholders, they say any directors appointed ahead of the meeting should be removed, and Dr Weiss, Mr Seymour and two other nominees – Carl Bradford Richmond and Andrew Hedges – should be installed.

“We have significant concerns in relation to the manner in which Ardent Leisure Group has performed, been managed and been governed,” the letter says.

Mr Weiss and Mr Seymour said their nominations had records that stood “in contradistinction to the mediocre performance of the company and its board”.

Ardent has previously criticised the push for new board members, saying it clashes with the company’s intention to appoint new directors from the US to reflect the growth in its North American business, tenpin bowling chain Main Event.

The group yesterday said it would consider its response.

Ardent chairman George Vernardos attacked the proposed move by the activist investors when it was flagged by Mr Weiss’ company, Ariadne, on Wednesday.

“It is clear they want to override the board’s existing search process and exert undue influence over the company’s affairs,” Mr Vernardos said at the time.

Four people died at Dreamworld when a ride tragically malfunctioned last October, sparking a heavy fall in the number of visitors to the park.