Imagina, which has a 13.6% stake, is unhappy with the firm's European strategy and the financial performance of the firm – although Aukett is presently making a profit.
Imagina wants its own boss, José Luis Ripoll, to be chairman, with former Aukett chairman Gerry Deighton and Stephen Beckers, an associate at Belgian architect Art & Build, as non-executive directors.
Ripoll initially intended to vote against resolutions to re-elect four directors at Aukett's annual meeting, before calling for their replacements.
As few shareholders regularly turn out at annual meetings, chairman Mavor believed that such a significant issue ought to be put to an extraordinary meeting, at which more shareholders would be likely to attend.
Ripoll has agreed to vote in favour of the annual meeting's resolutions to re-elect the directors. With these resolutions passed, Ripoll will be able to submit more detailed proposals about management changes to the shareholders at an extraordinary meeting on 25 March.
In the 2001/02 financial year the company made a pre-tax loss of more than £2.4m. Aukett has since posted an interim pre-tax profit of £110,000.