News & Media

Aurora Funds Management Limited’s Registered Office and Principal Place of Business will change with effect from today, 22 December 2016, with new details as follows:

Suite 613
Level 6
370 St Kilda Road
Melbourne, Victoria 3004

Tel: 1300 553 431

Email: enquiries@aurorafunds.com.au

Aurora Funds Management Limited (Aurora) is pleased to announce the outcome of the meeting held on 6th December 2016, which was subsequently adjourned to 9 December 2016, whereby investors opposed all of the resolutions proposed by Wilson Asset Management (Wilson). Accordingly, Aurora will continue to act as the Responsible Entity (RE) of the HHY Fund (HHY).

The meeting had been adjourned due to a challenge by Wilson against the legal validity of online voting. After considering the matter, the independent Chairman determined to accept the online votes. Details of the resolutions and the proxies received in respect of each resolution considered at the Meeting are set out in the attached proxy summary.

It remains unclear as to what Wilson’s intentions were for the HHY Fund. Wilson originally requisitioned a meeting held on 29 September 2016 to change the RE and wind up the fund with a complaint about the discount HHY traded relative to the fund’s NTA. Aurora recognised this concern and facilitated a takeover bid by another Aurora Fund, the Aurora Global Income Trust (AIB), to enhance liquidity for all HHY investors at prevailing NTA. Accordingly, the independent Chairman of the HHY Meeting held on 29 September 2016, elected to adjourn the meeting to enable members to consider the bid on an informed basis. The Bidder’s Statement was despatched on 28 November 2016 and the Target Statement is due to be despatched on 13 December 2016.

In response to this bid, Wilson Asset Management (International) Pty Ltd (WAMI) acquired substantial holdings in two (2) other Aurora funds, being Aurora Property Buy-Write Income Trust (AUP) and Aurora Global Income Trust (AIB), and then within 3 weeks sought to remove Aurora as RE of those funds in addition to the Meeting to remove Aurora from HHY, this time without a request to wind up the fund. Wilson’s resolutions, if passed, would have had the effect of breaching a condition of the takeover offer, allowing the Bidder to withdraw.

Wilson stated his dissatisfaction with the takeover bid for HHY as the basis to take action against these other funds.

All 3 meetings called by Wilson and WAMI failed.

Aurora cannot reconcile the actions of Wilson, given that Wilson and WAMI presently have an ability to exit all of their positions in all three of the funds at NTA backing.

With the distraction of these meetings now behind us, Aurora’s capable and experienced team looks forward to the task of continuing to implement its investment strategies with a view to generating returns for its investors.

Aurora would like to thank our loyal unitholders for their continued support.

If you have any queries or concerns, please contact us on 1300 553 431.

As announced to ASX on 28 November 2016, the bidder’s statement and offers for the off-market takeover bid by Aurora Funds Management Limited as responsible entity of the Australian Global Income Trust (AIB) for all of the units in the HHY Fund (HHY) was despatched to HHY unit holders on that date, and is open for acceptance until 7:00 pm (Melbourne time) on 30 January 2017, unless extended or withdrawn.

HHY is in the process of finalising its target’s statement in response to AIB’s bid, which will include a report from an independent expert about whether, in the expert’s opinion, the takeover offers are fair and reasonable. The target’s statement is to be despatched to HHY unit holders by no later than next Tuesday 13 December 2016.

In the circumstances, HHY unit holders are urged to read the target’s statement before taking any action in relation to the bid.

Aurora Funds Management Limited, as responsible entity of the HHY Fund, informs the market that, at the request of the independent chairman of the meeting of unit holders held yesterday, Mr David Walter, it is proposed that at the reconvened meeting to be held tomorrow at 10:00am, the only business will be the further adjournment of the meeting to 10:00am on Friday, 9 December 2016 at Level 27, 50 Bridge Street, Sydney NSW.

Both Aurora and the conveners of the meeting have agreed to Mr Walter’s request and will attend tomorrow’s meeting to ensure there is a quorum and to enable the further adjournment. Unit holders and proxies who wish to attend to hear Mr Walter’s rulings on proxy voting and the declaration of the polls held at yesterday’s meeting, should attend Friday’s meeting, rather than tomorrow’s meeting.

In accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act 2001 (Cth), we advise that details of the resolutions and proxies received in respect of each resolution put to the General Meeting of the Aurora Property Buy-Write Income Trust, are set out in the attached proxy summary.

Resolution 1 – Removal of Responsible Entity was not carried.
Resolution 2 – Appointment of New Responsible Entity was not carried.

Aurora welcomes the outcome of the meeting, and now that this distraction is behind us, our capable and experienced team look forward to implementing the investment objectives of AUP for the benefit of all unitholders.

Read more here.

Aurora Funds Management Limited, as responsible entity of the HHY Fund, informs the market that at the meeting of unit holders held yesterday in Sydney, the independent chairman, David Walter, following conduct of polls on
both resolutions before the meeting, adjourned the meeting, with the meeting’s consent, to allow him to consider submissions on the validity of certain proxies and make rulings affecting those proxies.

The meeting was adjourned to 10:00am on Thursday, 8 December 2016 and the adjourned meeting will be held at the offices of Baker and McKenzie, Level 27, 50 Bridge Street Sydney.

At the adjourned meeting, Mr Walter will announce his rulings in relation to the validity of those proxy votes and declare the results of the polls, taking account of his rulings. In accordance with section 252U(2), the making of those rulings and the declaration of the results of the polls being the only business unfinished at yesterday’s meeting, no other business will be conducted at the adjourned meeting.

In accordance with Listing Rule 3.13.2 and section 251AA of the Corporations Act 2001 (Cth), we advise that details of the resolutions and proxies received in respect of each resolution put to the General Meeting of the Aurora Global Income Trust, are set out in the attached proxy summary.

Resolution 1 – Removal of Responsible Entity was not carried.
Resolution 2 – Appointment of New Responsible Entity was not carried.

Aurora welcomes the outcome of the meeting, and now that this distraction is behind us, our capable and experienced team look forward to implementing the investment objectives of AIB for the benefit of all unitholders.

Read more here.

Aurora Funds Management Limited (Aurora) holds, as responsible entity for the Aurora Fortitude Absolute Return Fund (AFARF) and the Aurora Global Income Trust (AIB), convertible notes (AZZG) issued by Antares Energy Limited (Antares). Aurora makes the following announcement as responsible entity for AIB and Aurora Absolute Return Fund (ABW) (which is fully invested in units in AFARF).

As holder of a significant parcel of AZZG, Aurora has received a notice of meeting of creditors of Antares issued by the Administrators of Antares, FTI Consulting.

A copy of the materials received is enclosed. Readers should note and observe the limitations set out in paragraph 1.5 of the Administrator’s Report to Creditors pursuant to section 439A of the Corporations Act 2001(Report). Those limitations restrict the use of the information contained in the report and the reliance that may be placed on that information. Notwithstanding the limitations placed on the use and reliance of the report, Aurora considers that this is information that should be released pursuant to ASX Listing Rule 3.1.

Having considered the material set out in the Report, Aurora:

1. Considers that the potential outcomes for creditors specified in the Report fully justify the approach taken by Aurora in writing down the carrying value of its investment in AZZG to zero (carried out in connection with the preparation of the 30 June 2016 accounts of AIB, AFARF and ABW).

Read more here.

Aurora Funds Management Limited, the responsible entity of the Aurora Fortitude Absolute Return Fund (AFARF), advises that the extraordinary resolutions put to unitholders were not approved by AFARF unitholders earlier today.

• Resolution 1 (Removal of Aurora as the current Responsible Entity) was not passed.
• Resolution 2 (Appointment of Millinium as the new Responsible Entity) was not passed.
• Resolution 3 (Winding up the Fund) was not passed.

Accordingly, Aurora will remain the responsible entity of AFARF and will continue to act as the responsible entity of AFARF and seek to accomplish the investment objective and strategy of AFARF.

VOTE NO – VOTE AGAINST ALL RESOLUTIONS

 CURRENT MANAGEMENT DRIVING UNITHOLDER VALUE
 THE PROPOSAL TO REPLACE RESPONSIBLE ENTITY JEOPARDISES STRATEGY WITH NO STATED ALTERNATIVE
 PROPOSED REPLACEMENT RESPONSIBLE ENTITY ALSO HAS NO KNOWN STRATEGY/AGENDA
 WAM’S INTENTIONS ARE UNDISCLOSED

By now you would have received a Notice of Meeting of unitholders in the Aurora Property Buy-Write Income Trust (AUP) scheduled to be held on 6 December 2016 (Meeting) from entities associated with Wilson Asset Management (WAM), seeking to replace your Responsible Entity (RE), Aurora Funds Management Limited (Aurora).

The Directors of Aurora are considering the validity of the Notice of Meeting and the eligibility of those entities stated to have convened the Meeting.

In the meantime, the Directors strongly recommend that you vote your AUP Units AGAINST all resolutions set out in the Notice of Meeting, and an additional proxy form accompanies this letter which allows you to appoint a representative of Aurora as your proxy should you be unable to attend the Meeting. The costs associated with the production and distribution of this letter are being met by Aurora itself and not by AUP.

Read more here.