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Update: Since this story was published, APDC has advised that Bankwest confirmed its consent to pay the special distribution and the September quarterly distribution.
After already dropping its price to get the Asia Pacific Data Centre Group (APDC) saga over and done with, former majority shareholder 360 Capital may end up losing a $1.55 million perk included in NEXTDC's (ASX: NXT) takeover deal.
NEXTDC completed the takeover on Friday to bring its holding in APDC up to almost 98 per cent, giving it ownership of the data centre properties it already operates in Sydney, Melbourne and Perth.
The takeover also included two added sweeteners each worth $0.02 per share, which for 360 Capital represented two payments of $1.55 million.
However, the second transaction is now in limbo after APDC received a notice of subsisting default and forebearance from Bankwest.
"The default notice follows APDC Group's recent change of control. APDC Group is now required to pay the $29 million outstanding to Bankwest within 14 days of the Default Notice," NEXTDC said in an announcement today.
NEXTDC claimed the notice had "potential adverse implications for the ability of the APDC Group to pay the Special Distribution of $0.02 per security the APDC Group's Boards declared on 8 October 2018 and quoted as being payable on 14 November 2018.
The issue has the potential to cut into 360 Capital's announced net return of $19.24 million on its APDC investment.
Following the announcement, APDC Group claims it has access to sufficient funds to make the special distribution, and is working with Bankwest to ensure the default notice does not lead to delays in payments.
"APDC Group will update the market should there be any change to the timing of the payment of those distributions," the group said.
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