Dunedin-based Perpetual Trust - trustee of the failed Victoria Property Fund - has written to investors outlining fund manager Britannia Management's attempts to find ways to repay them.
Perpetual Trust was asked for a copy of the letter yesterday, but said its communications with the Victoria Fund investors were direct to them, not conducted through the media.
Despite requests to Britannia, Perpetual Trust and fund-parent NZ Funds Private Wealth Ltd since mid-May, the extent of losses and number of southern investors affected by the Victoria fund's demise remains publicly unknown.
However, an aggrieved investor supplied the letter to the Otago Daily Times.
Perpetual Trust said in its letter that, as trustee of the Victoria Fund, it had the responsibility to oversee the manager's compliance with the trust deed on behalf of all unit holders.
It said a decision was made by Britannia that it was in the interests of unit holders that the Victoria Fund be wound up.
That process was started on March 31, 2011.
No investors spoken to by the ODT yesterday were aware the fund was to "be wound up", nor was the action mentioned in Britannia's May 7 letter to investors.
Perpetual said in its letter the efforts of manager Britannia included attempting to sell the remaining land owned by the VPCL Investment Trust to repay money borrowed from its financier, Heartland New Zealand, and provide a return for unit holders.
"The efforts by the manager to extract value for unit holders were reliant on its financier's continued support," Perpetual Trust said.
But agreement was not reached and the loan facility expired on April 30.
Perpetual Trust reiterated to investors what was told to them on May 7 by manager Britannia, that "the prospect of any return to unit holders remains highly unlikely".
