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ARA creeps up to 27pc of Cromwell

Michael Bleby
Michael BlebyDeputy property editor

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ARA Asset Management pushed its stake in Cromwell Property Group to 26.7 per cent on Friday after offering shareholders an extra 4.4 per cent sweetener, strengthening its hand in a second push to get directors on the company's board.

The Singapore-based asset manager has been battling to wrest control of Cromwell from chief executive CEO Paul Weightman for more than a year. It lifted its stake from 24.1 per cent after buying shares under so-called creep provisions on the open market at 91.5¢.

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    Original URL: https://www.afr.com/property/commercial/ara-creeps-up-to-27pc-of-cromwell-20200809-p55jy4