Corporate raider Ariadne has identified a range of new proposals that could unlock up to $1 billion in value for Ardent shareholders, including the potential float or trade sales of the US Main Event business, a sale of the Australian bowling business, and a possible joint venture with an overseas theme park operator and sale of excess land, to boost the Dreamworld operations.

These are not seen as definitive measures, but are part of a wide ranging analysis of the Ardent business that has been commissioned by Ariadne, which aims to offer new solutions to unlock value from the Ardent operations.

In a comprehensive letter to Ardent shareholders, Ariadne directors Dr Gary Weiss and Kevin Seymour again reiterated that they and two other Ariadne directors should be appointed to Ardent's board to bring about the "necessary" changes.

In what has become a vitriolic battle, Dr Weiss said the Ardent board, "has lost its way".

"There is now a clear and urgent requirement for real changes at Ardent to restore value," Dr Weiss and Mr Seymour said in a letter to Ardent investors.

According to an analysis of Ardent by Portfolio Services, Kayaal and Viburnum Funds, which along with their associates are the largest security holder in Ardent with over 10 per cent of the group's issued capital, it sets out a pathway for the additional value to be delivered over the next three years.

Commenting on the plan, Dr Gary Weiss and Mr Kevin Seymour said it was critical that the board of Ardent be strengthened given the current board had presided over a substantial loss of value during the past few years.

Dr Weiss' Portfolio Services and Mr Seymour's Kayaal have requisitioned a general meeting of Ardent security holders for September 4, to vote on the election of Dr Weiss and Mr Seymour, as well as independent nominees Brad Richmond and Andy Hedges, as Ardent directors.

According to the Ariadne plans, there is a $425 million opportunity through rolling out another 24 Main Event centres, while also upgrading the food and beverage offerings.

There is a $300 million potential opportunity available through increasing attendance at the theme park with major rejuvenation of the offerings and rides which may, subject to review of Dreamworld's plans and requirements moving forward, be funded by the sale of potential excess land at Coomera.

In response, Ardent's board has said it has already flagged work being undertaken to identify and execute an operational improvement plan for Main Event. At Dreamworld, Ardent says it has stated that the recovery will take two years and continues to support this with an event and capital investment program,

The directors said they have previously announced their intention to unlock value in excess land and continues to progress the master planning process.

Ardent management added they have already commenced a review of corporate costs following the pending divestments of the Health Clubs and Marinas businesses.