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Court allows 360 Capital FM to vote on Asia Pacific Data Centre wind-up proposal

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Court allows 360 Capital FM to vote on Asia Pacific Data Centre wind-up proposal

The Supreme Court of New South Wales ruled Sept. 7 that 360 Capital Ltd.'s 360 Capital FM Ltd. subsidiary is eligible to vote on NextDC Ltd.'s proposal to wind up Asia Pacific Data Centre, or APDC, which is selling its NextDC-occupied data center portfolio for A$265 million.

The court deemed that 360 Capital FM, which holds a 67.3% interest in APDC, is not associated with the data center provider, even if it is a subsidiary of its manager, 360 Capital. The manager was also awarded costs because of the decision.

The meeting, which was adjourned in January, has been rescheduled to Sept. 14. The Australian reported Sept. 10 that the shareholder is expected to vote against the tenant's proposal.

NextDC said it is considering to appeal the court's decision.

In addition, the same court awarded costs Sept. 7 to NextDC after dismissing Sept. 4 APDC's claim for amendments to lease agreements between the two to allow further access rights.