Today the Supreme Court of NSW dismissed injunction proceedings brought by Dexus Capital Investment Services Pty Ltd in its dispute with shareholders in Australia Pacific Airports Corporation (APAC): [2026] NSWSC 600. Dexus is a major shareholder in APAC, which owns a portfolio of significant Australian airports, including Melbourne Airport.
The relationship between APACs shareholders is governed by a Shareholders Deed.
In 2024 the Dexus bloc decided to sell the APAC shares it managed. Dexus’ sale process provided potential purchasers with access to APAC’s financial information. The non-Dexus Shareholders contended that this access constituted a breach of confidential information provisions in the Shareholders Deed. The Deed also provides restrictions on the disposal of shares and requires shareholders to first offer their shares to other shareholders.
In these proceedings, Dexus challenged the validity of the breach notice served on it by the other APAC shareholders. Hammerschlag J dismissed the challenge and held that Dexus “committed a material Irremediable Breach of the Shareholders’ Deed, and the Default Notice is valid and effective.”
An all Banco counsel team of Robert Dick SC, Sebastian Hartford Davis and Bronte Lambourne appeared for APAC.