The board of Asia Pacific Data Centre, or APDC, formed an independent board committee, with Lawrence Gibbs and John Wilson as members, to assess NEXTDC Ltd.'s proposal to wind up APDC Trust.
NEXTDC, who was in the running to buy the data center operator, called for its dissolution after APDC revealed plans to sign a new A$100 million facility with Bankwest and National Australia Bank.
APDC, accused of not having the best interest of all security holders in mind, responded by saying the wind-up proposal is "premature and ill-founded" as NEXTDC has made no decision with respect to the capital distribution.
It also noted NEXTDC to have a material personal interest in the liquidation, as terms of its lease agreements state that it has the right of first refusal on the sale of properties. The established committee called for the security holder to consider stakeholders' interests and defer its action.
In the same release, the company said it had initiated documenting an application for the new multi-option loan facility. However, a decision to enter into that facility and proceed with any capital distribution will be made following an expression of interest process.
APDC will carry out independent valuations of its assets and engage the independent board committee to seek expressions of interest pursuant to the sale of some or all properties. Agents are expected to be appointed for the process that is slated to wrap up in February 2018.
Additionally, the company has submitted confidential, nonbinding offers, subject to due diligence, for the approximately A$150 million purchase of data center assets. It is holding preliminary discussions with third parties, including an unnamed global data center owner/operator, regarding its expansion in Australasia.