360 Capital hold >50% of shares in APDC (67.3%). Including APDC's Responsible Entity. This makes them a controlling entity in the Responsible Entity, and therefore 360 Capital are an associate of APDC. Because of this, they can be excluded from voting on a windup motion. NXT aren't excluded, as they aren't a majority shareholder.
So, NXT draw up a windup motion, knowing it will go to vote, knowing APDC will be excluded, and also knowing that they hold 29.2% of the remaining 32.7% of votes. That's right - NXT control 89.3% of the non-excluded votes - more than enough to pass the vote itself. The meeting and the voting is all required, but really, the result is a foregone conclusion.
Of course, this assumes that 360 Capital don't play any more cards, and accept NXT's legal advice. Without being a lawyer, I'd expect to see 360 Capital find some form of legal advice to try to twist it further. My money is on the APDC board (really 360 Capital) stating that they have been informed that NXT also cannot vote in the windup motion due to their option on the properties (and therefore direct interest in the outcome of vote). I'm just theorising of course. I could be wrong, and NXT could have them in checkmate.
NXT Price at posting:
$6.06 Sentiment: Hold Disclosure: Held
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