The largest shareholder in the company that owns Melbourne Airport could be forced to sell its stake as a dispute with the company’s Board over use of confidential information looks like heading to the courts.
Dexus said it had received a notice from the Australia Pacific Airports Corporation (APAC) Board alleging it had used a confidentiality deed poll and disclosed confidential information while trying to sell part of its 27% stake, known as the Dexus Bloc, in APAC.
The real estate investment trust and property group told the Australian Securities Exchange (ASX) that this was alleged to be in breach of the requirements of the APAC Shareholders’ Deed.
As trustee/manager for interests representing about 27% of APAC, Dexus was appointed in 2024 by some of the shareholders to try to sell their stakes.
Dexus said it would be required to offer the shareholding to the remaining shareholders at assessed fair market value if the notice was found to be valid.
“Dexus intends to dispute the validity of the Notice, has always acted in good faith, and will vigorously defend its position and its clients’ interests,” it said in the ASX announcement.
Wealthy investors who bought into a special fund holding investments in APAC have also reportedly hired lawyers as they prepare for a legal battle between Dexus and its co-investors.
A valid notice would also require an immediate suspension of some Dexus Bloc shareholders' governance, voting and information rights.
The Dexus Bloc represents about 10% of Dexus' total third-party funds under management and about $15 million of its management fees post tax and before any associated costs.
Dexus said it would continue to assess the potential impacts of this matter and provide further updates in accordance with its disclosure obligations.
APAC, which also owns Launceston Airport, is owned by Dexus (27.32%), IFM Investors (25.17%), Future Fund (20.34%), SAS Trustee Corporation (18.47%) and Utilities of Australia/(8.70%).
Melbourne Airport is Australia’s second busiest airport after Sydney Airport.
Dexus (ASX: DXS) shares fell eight cents (1.09%) to $7.23 on Friday, capitalising the company at $7.78 billion.
