Just days after Elders, formerly known as Futuris Corp, completely divested its interest in Australian Agricultural Company (AAco), the cattle company's newest major shareholder, Dubai-based IFFCO, has sought to mould a board of its choice.
According to The Australian Financial Review today, IFFCO has sent a letter to the group's other major shareholders to encourage them to support its voting intentions for board members at the annual meeting on May 27.
IFFCO is AAco's largest shareholder and bought its 19.9 per cent stake from Elders.
Curiously, IFFCO is now promoting individuals to the board of AAco who were ousted in a bloody board spill last year when Elders, which then held a 47 per cent stake, voted down the appointment of former chairman Nick Burton Taylor.
IFFCO's letter clearly outlines its support for Mr Burton Taylor, former AAco director Chris Roberts, independent directors Stephen Lonie and Peter Hughes, as well as their representative, Arunas Paliulis, while indicating they will vote against current AAco chairman Brett Heading and directors Charles Bright and Phillip Toyne.
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