NEXTDC does not support 360 Capital Group's potential eligibility to vote in resolution

Company News

by Kathy Skantzos

Cloud-based data centre company NEXTDC (ASX:NXT) has announced it maintains the view that 360 Capital Group (ASX:TGP), the controlling security holder the Asia Pacific Data Trust, should not be eligible to vote on the resolution to wind up the trust.

The comes after 360 Capital Group (ASX:TGP) commenced legal proceedings in the Supreme Court of New South Wales yesterday to determine its eligibility to vote on a resolution to wind-up the Asia Pacific Data Trust.

A recently published report on 18 January 2018 highlighted a recent sale of the Asia Pacific Data Trust responsible entity and outsourcing of management back to an entity associated with 360 Capital Group.

NEXTDC holds the position that recommends Asia Pacific Data Trust security holders should vote in favour of the resolution to wind up the trust.

A general meeting is scheduled for 31 January 2018, which may be impacted by legal proceedings.

Shares in NEXTDC (ASX:NXT) closed 1.4 per cent higher yesterday at $5.77.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.