A group of investors in the National Property Trust is trying to sack the trust's managers.
The trust's $191 million portfolio is managed by one of two subsidiaries of the St Laurence group that were spared from receivership earlier this month.
The investors, who together hold more than than 10% of the units in the trust, say it is in unit holders' best interests to have the manager removed, and have called a meeting of unit holders to vote on the proposal.
One of the investors, H&G director David Cushing, says there's widespread dissatisfaction among investors.
Mr Cushing says the trust has been one of the worst performing listed property trusts for a long time, and the management fees are too high.
He says the St Laurence group of companies has a significant holding in the trust, and may try to block the vote, but if that happens, unit holders could direct the trustee to apply to the court to dismiss the manager.
Perpetual Trust placed the rest of the company into receivership, after refusing a proposal by the company's managing director, Kevin Podmore, to swap the $245 million owed to 9000 investors for equity in a new holding company.
The unitholders behind the push are H&G Limited, THT Properties Limited, Highgate Group Limited, RGH Holdings Limited, Penmaen Limited, Castlemore Investments Limited and Yoyo Nominees.
