MMG Advisory Partners is urging shareholders in DNZ Property Group to back a resolution removing the company's three independent directors.
MMG says the property fund's planned $130 million listing on the sharemarket and buyout of the management contract is grossly unfair to existing shareholders.
It believes the deal heavily favours management, while diluting shareholder value.
MMG is calling for the removal of independent directors Simon Botherway, John Harvey and Mark Hopkinson on the grounds that they are failing to look after shareholders' interests.
MMG chief executive Derek Young, and director, David Van Schaardenburg, are asking shareholders to appoint them to the DNZ board instead.