1. Ardent Board vote: Proxy firms Oppose EGM board push of Ariadne's Gary Weiss

    Ardent Board vote: Proxy firms Oppose EGM board push of Ariadne's Gary Weiss

    Proxy firms ISS and Ownership Matters have largely backed Ardent Leisure's board in its scrap with activist shareholder Ariadne, by recommending against the election of Ariadne director Gary Weiss at a crucial meeting next month...

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    1. A vote AGAINST all resolutions is warranted as the dissident security holders have not sufficiently demonstrated that change is superior to the current Board agenda of board refreshment and strategic change in line with advice received as part of its strategic review.
    2. Individual fund managers ultimately make the voting decision and are often not bound by recommendations from proxy advisers.
    3. It appears reasonable that the requisitioning shareholders have board representation that is commensurate with their [approx. 10.9 per cent] ownership interest in Ardent.
    4. It would be open to Mr Weiss to nominate as a director for the forthcoming AGM, by which stage investors would be able to assess his candidature compared to the [as yet unnamed] US director that Ardent has identified.
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