Despite requests since mid-May to Victoria Fund manager Craig Myles, of Britannia Management Ltd, neither the number of investors involved, nor the fund's value and the total amount owed had been disclosed by him.
By yesterday, 21 investors had contacted the ODT to outline losses totalling $1.28 million.
However, a list of about 150 Victoria Fund investors was supplied to the newspaper on Friday, by a source who asked not to be identified, with the average unit price equating to a total $8.3 million loss.
About 85% of 150 investors on the list have Dunedin addresses, and investors include a musical trust, two law firms, two trust companies and an accountancy firm.
Each investor had a differing number of Victoria units, as at May this year, and when crosschecked against their actual dollar investment the average unit price for 10 of the investors was $1.66 - from a range of $1.59 to $1.78.
There are just over 5 million issued Victoria Property Fund units, the list shows. At $1.66 per unit, that equates to $8.3 million.
Victoria, which had earlier dealt in buying and leasing commercial properties, became involved in real estate development, buying for $5.25 million land for a light industrial subdivision in Richmond, near Nelson, which became mired in cost overruns and construction delays of an extra two years.
In April, banker Heartland declined to roll over the loan, understood to be worth about $7.5 million and going back six years, and asked for payment.
The Richmond properties are for sale, but could yet be be forced into a mortgagee sale.
There is little likelihood of a land sale having any surplus funds for investors.
That debt demand prompted fund manager Britannia Management, at the behest of the trustees, to tell investors in early May they were "highly unlikely" to get any return of funds.
Mr Myles was contacted for comment on Friday, on the $8.3 million valuation and apparent losses, but said in a statement that as recorded in the 2005 prospectus, shareholder capital was $4,657,000.
He said because he had stood down as a director of NZ Funds Private Wealth Ltd, "it would not be appropriate" to comment on the in-house review by NZ Funds Private Wealth Ltd.
As manager of the Victoria Property Fund, Mr Myles said he would continue to answer investors' questions and questions raised by NZ Funds Private Wealth Ltd through the review.
"As advised previously, our priority is on communicating with investors directly.
"We continue to meet with investors on an individual basis," Mr Myles said.
In November 2011, NZ Funds Private Wealth Ltd purchased the remaining stake of Mr Myles', Myles Planning Ltd, which it did not already own and rebranded it to NZ Funds Private Wealth.
The Victoria Fund and clients came under the umbrella of NZ Funds Private Wealth Ltd, but the fund's management and decision-making remained with original manager Britannia; with Mr Myles as director.
In early June an "in-house review" on behalf of clients who lost out in the Victoria Fund was launched by NZ Funds Private Wealth Ltd and Dunedin-based registered financial service provider Mr Myles "stepped aside" as a NZ Funds Private Wealth Ltd director.
NZ Funds Private Wealth director Richard James said it was likely the investor capital of the Victoria Fund was at $1 per unit, or $5 million, but revaluation could have seen that "peak" at the suggested $8.3 million.
He said the review was still under way and Mr Myles and trustees Perpetual Trust had responded to some, but not all questions asked of them, and they had since been asked to respond to "additional questions".
Asked if the review would be made public, Mr James said he had "no desire to make it public, other than making available what information the clients needed".
Included on the list of Victoria Fund unit holders is Britannia Management Ltd, with a total 45,785 units, Mr Myles with some of 18,397 units jointly held and Myles Trust Ltd, with some of a total 244,918 units jointly held with other parties.
Investors in the Victoria Property Fund can contact Simon Hartley, in confidence, at: simon.hartley@odt.co.nz or, direct dial (03) 479-3527.
