The Australian Agriculture Company board is now on unstable ground following a convincing defeat of the company's resolution to buy two cattle stations in a deal that would have also transferred a 20 per cent stake in the cattle company from Futuris Corp to wealthy barrister Allan Myers.
According to The Australian Financial Review, AAco non-executive director Brett Heading has conceded the shareholder sentiment could spill into the group's annual meeting next month, when several former directors will make a play to return to the board.
"There's no doubt [former directors] Chris Roberts and Nick Burton Taylor have many supporters, who spoke very warmly about them today, but then there have been a number of inaccuracies made," Mr Heading said.
"There's a target painted on myself and [fellow directors] Phillip Toyne and Charles Bright and based on the comments made today you would have to think it's quite likely we wouldn't be voted in at the annual general meeting."
Former AAco chairman Nick Burton Taylor, former director Chris Roberts and IFFCO director Aruna Paliulis are looking for seats on AAco's board.
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