14 May 2010

New director appointed to DNZ board

11:56 am on 14 May 2010

One new director has been appointed to the board of the embattled DNZ Property Fund.

Investors have recently made plain their anger about plans to pay up to $56 dollars to buy out the company's management contract, owned by the chief executive Paul Duffy.

David van Schaardenburg was the only one of the three candidates standing for the two positions to be appointed, DNZ chairman Tim Storey says.

Peter Fletcher, a representative of the Money Managers Action Group, and Peter Bruce, failed to get the required votes.

About 400 shareholders attended a special meeting in Auckland on Wednesday to cast their vote.

Mr Storey says the trading halt of DNZ shares on the unlisted trading platform will remain in place at least until the conclusion of Monday's board meeting.