Ardent result, page-21

There is much unfair and ill-informed criticism thrown at the Ardent board, including by Ariadne. Here is my take on some of the key decisions.

- The boards handling of the PR in the wake of the Dreamworld incident was appalling, however, this was largely driven by the chairman at the time and a CEO who was too weak to stand up to him.
- As a shareholder, I was appreciative of being kept informed on a monthly basis of the impact on attendance in the aftermath of the incident.
- The worst value destroying decision by the board in recent years was the health club acquisition under the previous CEO, Greg Shaw. The decision under Deborah Thomas to divest the business at a reasonable price was one of her better decisions, as was the sale of the marina business at better than book value.
- The growth of the Main Event business is an outstanding success story when looked at over the longer term. Clearly it has hit a bump in the road through an overly aggressive roll-out strategy but current management appears to have a detailed understanding of the issues and a credible plan to restore profitable growth.

Four new directors will make the board unworkable and Ariadne has not made a strong case for change. In fact, there deliberate attempt to twist the facts and mislead investors makes than unsuitable to hold board roles.