IFM Investors can ramp up the heat on Atlas Arteria and push for board representation after gaining regulatory approval to increase its physical stake in the tollroads group to more than 10 per cent.
The swaps, together worth about a 6 per cent stake in Atlas Arteria, are held with investment bank Nomura. IFM, looking at Atlas Arteria via its global infrastructure fund, updated the market in a substantial shareholder notice on Friday night. Two partners from law firm Allens signed the notice., IFM is expected to push for an Atlas Arteria board seat to reflect its position as the group’s biggest shareholder. The company has nine directors, including CEO Graeme Bevans and eight non-executive directors.
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