Dexus enters trading halt ahead of judgment on APAC dispute
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The news: Real estate giant Dexus has entered a trading halt ahead of a judgment by the Supreme Court of New South Wales over a shareholder dispute with Australia Pacific Airports Corporation (APAC).
The context: The judgment is due at 10am AEST on Friday. Dexus said it will “require time” to review the judgment and prepare an “appropriate market announcement”.
It comes after Dexus tried to sell part of its 27% stake in APAC, which owns Melbourne and Launceston airports.
APAC alleges Dexus shared confidential airport financial and strategic information with potential buyers, which included sovereign wealth funds and infrastructure investors.
“Given the judgment is scheduled to be delivered during normal trading on ASX, there is a risk that trading in Dexus securities may occur while there is an asymmetry of information available to the market as to the outcome of the proceedings,” the company said.
The source: ASX
