The meeting was held after a backlash from major shareholders, including the IFFCO Group, who argued that the deal did not represent good value for money.

While one of the best known properties in the Territory, Tipperary Station has a reputation as having not lived up to its potential as a viable cattle operation.

Under the proposed deal, if AAco bought the properties for $105m, Tipperary owner, millionaire barrister Alan Myers, would have acquired Futuris Corporation's 20pc stake in AAco.

But AACo shareholders voted down the proposal by 77 million votes to 29.3 million.

According to Business Day, independent non-executive director Brett Heading told the gathering: "The 77 million to 29 million is a resounding defeat."

Director of major shareholder, Dubai-based food processing group IFFCO Poultry, Arumas Paliulis, who voted against the motion, said the defeat was a "great encouragement".

"The shareholders expect much more from the current board," Mr Paliulis said.

Dissident shareholder Nick Burton Taylor, a former AACo chairman, said the vote was a clear statement by institutional and retail shareholders about the proposed transaction.

It should make the board think about the transaction, their overall company strategy and their approach to governance, he said.

Mr Burton Taylor, who has put himself forward to be elected to the board, said the proposed acquisition of the two properties was wrong.

They were too expensive and had a variety of problems, including weeds, poor soils, pests and bird attacks, he said.

The acquisition served the interests of Futuris and its exit strategy, leaving remaining shareholders to bear the ongoing costs.

"I'm keen to facilitate them leaving the company," he said.