APDC Board Fights off Wind Up Proposals
The Board of Asia Pacific Data Centre Limited (APDC), now controlled by 360 Capital's directors announced on 17 January 2017 that it had closed the EOI campaign for the assets of the Trust with strong interest from domestic and offshore institutional investors and data centre operators.
The Board confirmed that it had received a formal notice of NEXTDC's rejection pursuant to its rights of first refusal for the sale of the Properties at $300 million, allowing the Board to deal with alternative parties.
The Board claims to have shortlisted the parties with an intention of seeking final offers in due course.
In an attempt to "clean up' its corporate governance, the Board also announced that it had outsourced the responsible entity functions of APDC Trust to OneInvestment Group.
NextDC, the tenant and substantial shareholder of APDC is seeking to prevent the Board from proceeding with its objectives and has instigated a Wind Up proposal by called a special meeting of investors for the 31st January. NextDC claim that 360 Capital who hold a relevant interest in the Trust, (even with the outsourcing of the RE) should be excluded from voting on the proposal and as such NextDC who hold the majority of the remaining shares will likely pass resolutions to wind up the trust.
The APDC Board has sought to defend its right to participate in the meeting process and applied to the Supreme Court for a determination. A date for the court hearings is yet to be announced.