The Trustee of Argosy Property Trust says there's no reason why the manager of its property portfolio should be removed.
Argosy unitholders are considering a proposal to pay ANZ Bank subsidiary, OnePath, $20 million to end its involvement with the company, and bring the management inhouse.
The proposal has been fraught, with unitholders balking at the original $32.5 million tag, forcing the independent directors and OnePath to propose a lower fee.
Some unitholders, such as ACC, want the Trustee, Guardian Trust, to remove OnePath without any compensation arguing the manager hasn't acted in the best interests of investors.
However Guardian Trust says OnePath has not breached its obligations under the Trust Deed, nor has it failed to carry out its duties to the Trustee's satisfaction.
