Zoe Hillman

REST Nominees has lost an injunction bid barring the sale of the Dexus bloc of shares in Melbourne Airport's operator pending an appeal, after refusing to give an undertaking that it foot the entire damages bill if its challenge fails.

The competition regulator has given its draft approval to Fortnite maker Epic Games and Google for their global settlement of allegations of misuse of market power by the digital giant.

Airport operator APAC says a default notice sent to Dexus over confidentiality breaches is at least valid against shareholders that initiated a botched sales process, hedging its bets in an appeal of a ruling that forces a sale of the asset manager's entire stake.

Dexus' decision to resist an undertaking as part of a deal to temporarily block the compulsory sale of its shares in airport operator APAC has been criticised by a judge for resulting in an "appalling waste" of time and money.

A judge has hit ASX Limited with a $20.5 million penalty after it admitted that a February 2022 statement to the market that its CHESS replacement project was “progressing well” was misleading. 

ASX Limited has told a judge it did not intend to mislead shareholders when it told the market that its CHESS replacement project was “progressing well” and that a $20.5 million penalty was sufficient to achieve deterrence.

Super fund trustee REST Nominees is the first of the Dexus bloc of APAC shareholders to challenge a finding that a default notice issued by the board of the airport operator was valid.

ASX Limited has reached a settlement with the corporate regulator just hours before a scheduled trial in a case over a market announcement that said its CHESS replacement project was “progressing well”.

The forced divestiture of Dexus' stake in airport operator APAC will proceed, after a court on Friday discharged injunctions temporarily blocking the sale amid a dispute over the disclosure of confidential information.

Dexus has stood down executives, sacked its advisers and launched a review of its $7 billion infrastructure division, following last week's judgment upholding the validity of a default notice by Melbourne Airport's operator.