Aurora Funds Management Limited (Aurora), in its capacity as the responsible entity of the Aurora Absolute Return Fund (ABW or Fund), refers to the previous announcements on this subject that it made on 7, 8, 14 and 16 January 2019. Aurora advises that it has been informed by the Australian Securities and Investments Commission (ASIC) that ASIC has, contrary to the submissions made by Aurora, entered a change of the responsible entity of the Fund from Aurora to Primary Securities Ltd (Primary) in ASIC’s record of registration for the Fund.
This change in the record, however, does not determine the validity of the purported change of responsible entity. That will depend on the determination of the validity of the purported meeting of 15 January 2019 and the business transacted at that meeting.
Accordingly, in light of the confusion caused by Primary’s conduct, Aurora is in the process of preparing an application to the Court to determine the validity of the purported meeting of 15 January 2019 and the business transacted at that meeting. Aurora continues to maintain that the meeting was not properly called and held, and that the resolutions are of no legal effect. This position is not affected in any way by the acts of ASIC in entering a change in responsible entity in its record of registration for the Fund. Accordingly, Aurora will not hand over the assets and records of the Fund to Primary unless the Court determines, contrary to Aurora’s views, in favour of the validity of the meeting and its resolutions.
The current lack clarity concerning the position of the responsible entity of the Fund will therefore continue until the matter is determined by the Court.