NSW Supreme Court lifts Dexus injunctions in APAC dispute
Make us a preferred source
Make us a preferred source on Google
The news: The Supreme Court of New South Wales has dissolved Dexus’ injunctions on Friday, formalising the orders made on 5 June regarding a shareholder dispute with Australia Pacific Airports Corporation (APAC).
The context: The decision comes as Dexus considered potential grounds of appeal after the NSW Supreme Court ruled it must sell a $4.5 billion stake in Melbourne and Launceston Airports on 29 May following an order backed by IFM Investors and major superannuation funds.
While the court subsequently extended the injunctions on 5 June to allow the Dexus bloc shareholders to approach the NSW Court of Appeal, those protections have now been dissolved.
Presently, the forced sale process of the Dexus bloc shares will proceed, and the group’s governance, board appointment and voting rights are now suspended. However, the opportunity to appeal for further injunctions remains open until 26 June.
