Despite the recommendations of the AAco board to do otherwise, shareholders have elected to the board former AAco chairman Nick Burton Taylor.

Also elected to the board today are Arunas Paliulis, Chris Roberts, Peter Hughes and Stephen Lonie.

Director Phillip Toyne withdrew from the board elections prior to voting and thus has not been re-elected.

The boardroom spill follows the messy fallout from the failed attempt of AAco to buy two Northern Territory properties from millionaire barrister, Alan Myers QC.

Adding to the tensions has been the push by new major shareholder, the Middle East-based IFFCO Group, to influence the make up of the new board.

Mr Paliulis was voted on to the board by IFFCO.

There has been little reaction to the news from the sharemarket, with AAco recently trading at $1.52.

Earlier today in his chariman's address Mr Heading told the annual general meeting that AAco had been on a "fateful journey" since the day on October 2007 that Futuris (now Elders Ltd) decided to offload its 43 per cent majority stake in the company.

"That step set off a chain of events, the final one of which occurs at this meeting today," Mr Heading said.

That frustrations faced during that sale process prompted Futuris to force Mr Burton Taylor from the chairman's position at the 2008 AGM.

Mr Heading came to the board as an independent director as a consequence of that meeting, and then became chair last month following the resignation of Charles Bright.

AAco posted a $38.7 million loss in 2008, and is not forecasting a profit for the first half of 2009.