Australia’s Dexus AX said on Friday it faces a compulsory process to offer its 27% stake in the Melbourne and Launceston airports to existing shareholders, after a court upheld a notice tied to an attempted sale of part of the stake to outside investors.
The New South Wales Supreme Court found the default notice valid, Dexus said, but an injunction remains in place until June 5, preventing any valuation from being finalised and stopping any forced sale from occurring for now.
Dexus said it was reviewing the judgment and considering possible grounds for appeal.
Here are some details:
- The court found the notice of default issued against Dexus and related shareholders holding the 27% stake valid
- A valid notice starts a process requiring those shares to be offered to APAC’s existing shareholders
- The shares would be offered at an assessed fair market value
- The injunction also keeps Dexus and the related shareholders’ governance, voting, and information rights in place until June 5
- Dexus and the related shareholders have also agreed not to sell, transfer, or dispose of their APAC shares before then
- The court will consider costs, any further injunctions, and remaining issues on June 5
- Dexus said it and the related shareholders were reviewing the judgment and considering whether to appeal
