Investors in the International Wine Investment Fund (IWIF) have refused to give their consent to a restructuring of the group at a unitholders meeting today in Adelaide.

IWIF management had proposed the formation of a new company, International Wine Investments Ltd.

It was proposed that the wine fund's units be stapled to shares in International Wine Investments, and the fund's responsible entity, Berren Asset Management Ltd, would be acquired and internalised.

The IWIF said that while 90% of unitholders voted in favour of the plan, a few large unitholders voted against it and therefore the required support was not achieved.