DNZ Property Fund posted that it would attempt to internalize its property portfolio management and Paul Duffy will remain the chief executive.

In addition, Chairman Tim Storey posted that the new board has unanimously decided to eradicate the previous A and B shareholders structure, which is a major hindrance in listing the company."

However, he did not say the amount it would cost to buy the current manager out. It is posted that a above $35 million price tag landed the investors at the meetings in a frenzy.

"We are finalising arrangements with the manager, but the price is considerably below the bottom end of both independent valuations and the price agreed with the manager in November last year," he quoted.

Mr. Storey uncovered that the current funding would be aimed to grab the management contract and the company would stick to its asset sale programme.

However, he defended the retention of Mr. Duffy, posting stability and reliability as the main reasons, in addition, to Mr. Duffy's property industry knowledge.

The company hopes to initiate with a proposal to raise a minimum amount of additional equity to shareholders for endorsement at the annual meeting in late June of early July.