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NEXTDC calls to wind up Asia Pacific Data Center Trust

NEXTDC Ltd. is calling for an extraordinary general meeting of security holders to wind up Asia Pacific Data Centre, or APDC.

The APDC tenant and security holder, which failed in its bid to buy the data center operator, said the meeting in early 2018 will vote on its proposed winding up of the trust and distribute net cash proceeds to all security holders.

NEXTDC again voiced out its concerns about the governance track record of APDC's new manager, 360 Capital Group noting that its involvement in the trust presents limited true independent controls. It also cited APDC's planned A$100 million facility and a 65-Australian-cent-per-security capital distribution as reasons for the wind-up action.

The security holder said the proposals are not in the best interest of all security holders, as it would raise the trust's debt to "imprudent levels." NEXTDC added that it is not confident the new APDC board will seek security holders' approval for the proposed capital distribution.

NEXTDC has retained Herbert Smith Freehills as legal adviser and Cadence Advisory as financial adviser in relation to the proposed wind up.