The investors behind an attempt to ditch the manager of Vital Healthcare Property Trust may push for a special meeting to revisit the matter.
The trust's unitholders vented their frustration at the prolonged and unsuccessful attempt to remove the trust's manager, ANZ Bank subsidiary OnePath, at its annual meeting on Tuesday.
The gathering came a day after OnePath further dashed their hopes, by selling the management contract to a Canadian group, Northwest Value Partners, for $11.5 million.
Northwest told unitholders at the meeting that internalisation is off the agenda.
But ACC's portfolio manager for property investments Ian Purdy says that's far from certain and remains a point of tension between Northwest's manager and the unitholders.
He says currently unitholders still have the ability to remove the manager, as does the trustee.
Mr Purdy says ACC would need 10% of unitholders' support to call a special meeting - together with other institutional investors it held 15% support for its resolution suggesting the manager be removed.
Vital Healthcare's chairman Bill Thurston also says the board will pursue the option of bringing the trust's management inhouse.
He says he's disappointed the trust's investors indicated they would not support internalisation when it was suggested at $8 million, earlier in the year.
Separately, he says a proposal for corporatisation will be taken to unitholders at next year's annual meeting, to turn the trust into a listed company.