Battle lines have been drawn in moves by Vital Healthcare Property Trust to bring its management contract in house in return for a $14 million payout to current manager ANZ Bank.
Ascot Property Management, which includes former South Canterbury Finance head Sandy Maier, says the price is too high.
Instead, Ascot is urging unitholders to back its scheme that would result in ANZ Bank's subsidiary getting $3.1 million to end the contract and appointing Ascot in its place. Ascot would also get a $1.4 million success fee.
In response, Vital's independent directors, Bill Thurston and Graeme Hosley, slammed Ascot's proposal as opportunistic, highly contingent and significantly under-developed.