The head of DNZ Property Fund says ongoing uncertainty about the future of the commercial property company has prompted two of its board members to quit.
Simon Botherway, a fund manager and member of the Securities Commission, has resigned, as has fellow director Mark Hopkinson.
DNZ also announced it is delaying a scheduled dividend payment.
DNZ last year postponed its float on the stock market after MMG Advisory Partners raised concerns about the fairness of the transaction to shareholders.
Chairman Tim Storey denies MMG's campaign late last year to remove Mr Botherway and Mr Hopkinson from the board caused their resignation.
DNZ says it is also looking to sell some of its assets, in order to reduce debt and shore up its balance sheet, while it continues to decide what to do about the company's future.
Mr Storey says no decision has yet been made on who will replace Mr Botherway and Mr Hopkinson on the board, but the matter will be discussed at an upcoming shareholder meeting.