Dexus Challenges APAC's Confidentiality Allegation

Dexus Finance Pty Limited has received a notice from the Australia Pacific Airports Corporation (APAC) Board. The notice alleges Dexus breached confidentiality during the sale process of its stakes in APAC, which includes Melbourne and Launceston Airports. Dexus manages around 27% interest in APAC through the Dexus Bloc.

The notice demands a compulsory sale process of Dexus Bloc shares to remaining APAC shareholders, potentially affecting governance, voting, and information rights. However, Dexus disputes the notice's validity, affirming its commitment to defending its position and maintaining it acted in good faith.

The Dexus Bloc represents approximately 10% of Dexus's third-party funds under management, equating to $15 million in management fees. Dexus intends to assess the situation's impact and comply with disclosure obligations.