Dexus shares drop as it denies breaching confidentiality terms
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More news: Dexus shares fell in early trading after the company disclosed it had received a notice that alleged it breached confidentiality terms.
Dexus shares were 1.09% lower at $7.23 at 10:28am AEST.
Dexus denied the claims but would be forced to sell its bloc shares in Australia Pacific Airports Corporation if it is found to have breached the shareholders’ deed.
Dexus denies breaching airports bloc sale requirements
The news: Dexus has denied claims that it breached the Australia Pacific Airports Corporation (APAC) shareholders' deed in relation to a bloc sale process.
The numbers: Dexus acts as a trustee/manager for interests that represent about 27% of APAC, which owns Melbourne and Launceston Airports.
The context: The asset management group said it was appointed in 2024 by some of its bloc shareholders to undertake a sale process in relation to their stakes.
Dexus said it received a notice from the APAC board which alleged that it used a confidentiality deed poll and disclosed confidential information in a Dexus bloc sale process that breached the APAC shareholders’ deed.
It also said that a "valid notice" would require the start of a compulsory process to offer Dexus bloc shares to remaining APAC shareholders and an immediate suspension of certain governance, voting and information rights of Dexus bloc shareholders.
Dexus said it will dispute the validity of the notice.
The Dexus bloc represents about 10% of Dexus’ total third-party funds under management and accounts for about $15 million of the company’s management fees post tax and before any associated costs.
The source: ASX
