Dexus shares drop after injunction against Australia Pacific Airports Corporation
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The news: Dexus shares have fallen after the asset manager obtained a New South Wales Supreme Court injunction against Australia Pacific Airports Corporation to restore Dexus bloc shareholder governance, voting, and information rights.
The numbers: Dexus’ share price had dropped 3.05% to $7 at 1:30pm AEST.
Dexus obtains injunction against Australia Pacific Airports Corporation
The news: Dexus has obtained an injunction against the Australia Pacific Airports Corporation (APAC) which will allow it to lift the suspension of its governance, voting and information rights of the Dexus bloc shareholders.
The context: Dexus obtained the injunction after filing proceedings in the New South Wales Supreme Court to contest the validity of the notice APAC sent to Dexus which claimed it had breached the shareholders’ deed in relation to a bloc sale process.
The injunction will prevent any valuation of the Dexus bloc shareholder interests from being finalised and will prevent any forced sale occurring while the dispute is ongoing.
The injunction will be in place until the court makes its final ruling which is scheduled to be heard on 11 and 12 August.
The source: ASX
