28 Jul 2011

Property trust management still not resolved

10:21 am on 28 July 2011

Vital Healthcare's independent directors say they've been unable to agree a price with the property trust's manager to bring the contract in house.

The medical property landlord had proposed to pay its manager, ANZ Bank's OnePath, $14 million to bring the contract in house, but it headed back to the negotiating table after investors warned they wouldn't accept the deal because the price was too high.

The independent directors say they've been unable to agree a price that's in the best interests of unitholders, so a special meeting will be held to consider other options, which include resolutions put forward by unitholders to dump and replace the manager.

The special meeting is likely to be held in late August.