Led by Neil Sinclair, manager of commercial property agent Langdale Overseas Property Services, the rebels organised an EGM vote to replace the board this week.
But they failed to get enough votes to unseat the executives they accuse of mismanagement. The investors also claim the board issued shares to directors without allowing other shareholders to participate.
Mackwood said: 'EGMs rarely unseat boards, but the fight is continuing.'
Abraxus retains independent financial PR agency Westport Communications.
Chief executive Alan Frame said: 'The board sent round a point-by-point rebuttal of the allegations last week.'