Atlas Arteria investors are steeling themselves for a potential shake-up of the toll road group amid fears IFM Investors could use its near 25 per cent stake to force a second strike at the company’s annual general meeting in May.

The sudden resignation of chief executive Graeme Bevans last week has sparked debate over the timing of his departure in advance of the upcoming AGM, said Daniel Simmonds, portfolio manager at Milford Asset Management, an Atlas Arteria shareholder.