In a further development at embattled theme park and arcade group Ardent Leisure, substantial shareholder Ariadne (with the backing of Craig Coleman's Viburnum Funds) has requisitioned an extraordinary general meeting for September, at which it will attempt to appoint four new directors the board: Ariadne's Gary Weiss and Kevin Seymour, plus two independents – American restaurant executive Carl Richmond and the Lowy family's former shopping centre lieutenant Andrew Hedges.
Unlike your garden variety Section 249(D) EGM where the target company throws its own execution, this one – brought on under 249(F) – will be overseen by the predator. Ardent's chairman George Vernardos will receive the proxy votes 48 hours before he takes the stage. That should be quite an envelope to open.
Vernardos' five fellow directors (by this time Deborah Thomas will no longer be one) – one of which is the Australian market's most over-qualified chief executive Simon Kelly – could certainly do with some fresh company. Disregarding former chair Neil Balnaves and former Nine chair David Haslingden and the current mob (most notably Bank of Queensland chair Roger Davis and ad man Don Morris) has been presiding over this pitiful suite of assets since Cocky was an egg.
Once four newbies put their feet under the table, Vernardos and Kelly (if he ever finds time to climb off himself) could find their day jobs rather unpleasant. As it were. Especially if the freshmen start asking about the urgency of Kelly's appointment, justified to institutions, by Vernardos, on the basis that Kelly was a risk of being hired by Seven baron Kerry Stokes.
