Ariadne, the activist shareholder that wants to take four seats on the board of Ardent Leisure, has raised its voting stake in the struggling entertainment company to 10.9 per cent, it said on Thursday.

The company did not comment on the decision to lift its stake from 9.9 per cent in a series of transactions made over three weeks from mid-July, but a spokesman said it was unrelated to the scheduled release of Ardent's full-year earnings on Friday and referred to earlier comments by the Gary Weiss and Kevin Seymour-led Ariadne that the stock was undervalued.