NextDC launches attack
After the defeat in the battle for control of the Australia Pacific Data Centres, NextDC who are the sole tenant, and the counter bidder with 29% of the units in the trust, have now launched a proposal to wind up the trust calling for a no confidence motion in the Board to be put to security holders.
The proposal which NextDC are seeking support from 75% of the unitholders (other than 360 Capital) could scuttle the Board's intention to raise the debt in the trust and undertake the Capital Distribution which 360 Capital proposed as part of their takeover bid.
During the takeover process NextDC advised the market and the Takeover Panel that they expect security holders to vote on any capital distribution proposal and that they would oppose the recommendation, effectively blocking the proposal. Whilst 360 Capital have commenced steps to increase the debt they are yet to propose the capital distribution.