Ann: Wind-up of APDC Trust - Meeting Booklet, page-23

No, that's not correct. The reason 360 Capital can't vote is because, in a windup motion, the Responsible Entity (think 'trustee'), along with its associates, are not permitted to vote. You're effectively voting the Responsible Entity out of a job, so it makes sense that they shouldn't have a vote.

360 Capital is the majority shareholder of the responsible entity, and as such are considered an associate of the Responsible Entity. Therefore, they are not permitted to vote.

Look at the article bumskins linked to above. It's quite concise.

NextDC are not associates of the Responsible Entity, as they are a minority shareholder, holding less than 50% of the shares. However, NextDC has suggested on several occasions that 360 Capital would be excluded from a vote on the capital return due to the financial assistance laws. Given that NextDC effectively has an option over assets in the event of a windup, it's not farfetched to imagine that there's an argument that this is within the same realms - huge and obvious conflict of interest. I don't know if that would be enough for 360 Capital to exclude them from the windup motion, but we'll see. I'm still not a lawyer - this is just my general thoughts.

On the other hand, 360 Capital have already announced that they are trying to sell off all assets, which is exactly what the windup motion would make it do anyway, so I wouldn't be surprised is 360 Capital have given up on it for now, and have accepted that the assets will be sold, and it's just a matter of finding whoever will pay the most for them.