Global Data Centre Group future uncertain after AirTrunk sale
Make us a preferred source
Make us a preferred source on Google
The news: Shares in Global Data Centre Group (GDC) dived in morning trade on the ASX after the investment company revealed that "no decision has been made" regarding its future operations following the sale of AirTrunk agreed last week.
The numbers: GDC shares fell 6.6% to $3.28 by midday AEST, having advanced more than 85% over the last 12 months.
GDC — a unitholder in a fund managed by Macquarie Asset Management which holds an equity interest in AirTrunk — said that it anticipates proceeds from the sale of AirTrunk to total around $123 million, equating to around $1.59 per share.
The context: Last week, Macquarie and The Public Sector Pension Investment Board agreed to sell their combined 88% equity interests in AirTrunk to a consortium of investors led and managed by Blackstone, along with the Canada Pension Plan Investment Board.
As a unitholder, GDC is a passive investor in the Macquarie fund, and was therefore not involved in negotiations over the sale.
GDC said it intends to distribute its proceeds from the sale to shareholders. However, it noted that "no decision has been made" regarding the future of its operations following the distribution of sale proceeds and from the sale of its other assets, Etix Everywhere and Perth Data Centre.
The source: ASX announcement
