News & Media

Following the proposed takeover bid announced this morning by Aurora Funds Management Limited (Aurora) for Molopo Energy Limited (Molopo), Molopo announced it had completed a ‘strategic investment’ and requested a suspension of trading in its shares until 31 July 2017 while it finalises its ‘technical announcement’.

Aurora Fortitude Absolute Return Fund and the Aurora Global Income Trust both have investments in Molopo. Molopo has been a ‘cashbox’ for more than 4 years, and since November 2015 has made repeated public statements that it would obtain shareholder approval before making a material investment. Further, under chapter 11 of the ASX Listing Rules, Molopo is required to obtain shareholder approval for any proposed transaction that would result in a significant change to the nature or scale of its activities.

Entering into a ‘strategic’ investment without shareholder approval may trigger a defeating condition under Aurora’s proposed takeover bid, potentially denying Molopo shareholders the opportunity to participate in the significant premium to Molopo’s recent market price afforded by the takeover bid.

Aurora looks forward to Molopo’s ‘technical’ announcement and will carefully consider all of its options if the Board of Molopo proceeds with the investment without shareholder approval.

Aurora Funds Management Limited (Aurora) as responsible entity of the Aurora Fortitude Absolute Return Fund ARSN 145 894 800 (AFARF) is intending to make an off-market takeover bid under chapter 6 of the Corporations Act 2001 (Cth) for all the issued fully paid ordinary shares in Molopo at a bid price of $0.18 each.

Read more here.

Aurora Funds Management Limited is pleased to announce the appointment of Mr Jeffrey E. Schwarz as an Independent Non-executive Director.

Jeffrey was the co-founder of Metropolitan Capital Advisors, Inc., a New York-based money management firm. He served as its Chief Investment Officer from the firm’s inception in 1992 until 2012.

Jeffrey serves as the Co-Chairman of the Board of Bogen Corporation, a telecommunications equipment provider (formerly publicly traded, now privately held); and as the Co-Chairman of the Board of Bogen Communications International Inc., which is the ultimate corporate parent of Speech Design GmbH, a global provider of messaging services to telecom carriers. Jeffrey previously served as the Chairman of the Board of Molopo Energy Limited, an Australian Stock Exchange listed oil and gas exploration company and as a member of the Board of Directors of Cyberonics Inc., a NASDAQ listed medical device company.

Jeffrey is a Summa Cum Laude graduate of the University of Pennsylvania’s Wharton School, B.S. in Economics with a concentration in Accounting and an M.B.A. with a concentration in Finance. Jeffrey is a member of the Board of Overseers for the Graduate School of Education at the University of Pennsylvania.

Aurora also announces that Mr James Hallam has today resigned as a Independent Non-executive Director. The Board thanks Mr Hallam for his valuable contribution to the Board during his time and wishes him all the very best in his future endeavours.

Aurora Funds Management Limited (ACN 092 626 885), as responsible entity of the Aurora Global Income Trust (ARSN 127 692 406) (“Bidder”) made an offer for all of the ordinary Units in the HHY Fund (ARSN 112 579 129) (“Target”),
as set out in the Bidder’s Statement dated 18 November 2016 and First Supplementary Bidder’s Stated dated 19 January 2017 (“Bidder’s Statements”).

Words defined in the Bidder’s Statements have the same meaning in this document unless the context requires otherwise.

In accordance with sections 650C, 650D and 630(2) of the Corporations Act, the Bidder hereby encloses a notice of variation confirming:
1. Bidder has extended the Offer Period to 7:00pm (Melbourne Time) Friday, 29 September 2017 (“Extension of the Offer Period”);
2. the new date for giving of the notice of the status of the Conditions is Friday, 22 September 2017 as a result of the Extension of the Offer Period; and
3. Target Unitholders who have already accepted the Offer before or on the date of the notice have a right to withdraw their acceptance of the Offer.

Read more here.

Aurora Funds Management Limited (ACN 092 626 885), as responsible entity of the Aurora Global Income Trust (ARSN 127 692 406) (“Bidder”) made an offer for all of the ordinary Units in the HHY Fund (ARSN 112 579 129) (“Target”), as set out in the Bidder’s Statement dated 18 November 2016 and First Supplementary Bidder’s Stated dated 19 January 2017 (“Bidder’s Statements”).

Words defined in the Bidder’s Statements have the same meaning in this document unless the context requires otherwise.

In accordance with sections 650C, 650D and 630(2) of the Corporations Act, the Bidder hereby encloses a notice of variation confirming:

1. Bidder has extended the Offer Period to 7:00pm (Melbourne Time) Friday, 21 July 2017 (“Extension of the Offer Period”);

2. the new date for giving of the notice of the status of the Conditions is Friday, 14 July 2017 as a result of the Extension of the Offer Period; and

3. Target Unitholders who have already accepted the Offer before or on the date of the notice have a right to withdraw their acceptance of the Offer.

Read more here.

Further to the announcements made by Aurora Funds Management Limited (“Aurora”) on 12 April 2017 and 18 April 2017 in relation to applications made by the Australian Securities and Investments Commission (“ASIC”) and Molopo Energy Limited (“Molopo”) to the Takeovers Panel (“Panel”), the Panel has conducted proceedings and today published a declaration.

The Panel did not find that Aurora and Keybridge Capital Limited (“Keybridge”) were associates in relation to Molopo, as was alleged by ASIC and Molopo. However, the Panel did consider that certain circumstances in relation to Aurora and Keybridge give rise to unacceptable circumstances in relation to the affairs of Molopo.

Aurora made extensive submissions and provided detailed evidence to the Panel as to why it did not believe there were any unacceptable circumstances involving Aurora in relation to Molopo. Aurora is currently considering the declaration and any action it may wish to take in response to it.

Separately, the Panel is now considering what, if any, final orders to make and Aurora will make a further announcement in due course.

A copy of the declaration has been released to the market by the Panel.

Aurora Funds Management Limited (ACN 092 626 885), as responsible entity of the Aurora Global Income Trust (ARSN 127 692 406) (“Bidder”) made an offer for all of the ordinary Units in the HHY Fund (ARSN 112 579 129) (“Target”), as set out in the Bidder’s Statement dated 18 November 2016 and First Supplementary Bidder’s Stated dated 19 January 2017 (“Bidder’s Statement”).

Words defined in the Bidder’s Statement have the same meaning in this document unless the context requires otherwise.

In accordance with sections 650C, 650D and 630(2) of the Corporations Act 2001 (Cth) (“Corporations Act”), the Bidder hereby encloses a notice of variation confirming:

1. Bidder has extended the Offer Period to 7:00pm (Melbourne Time) Friday, 30 June 2017 (“Extension of the Offer Period”);
2. the new date for giving of the notice of the status of the Conditions is Friday, 23 June 2017 as a result of the Extension of the Offer Period; and
3. Target Unitholders who have already accepted the Offer before or on the date of the notice have a right to withdraw their acceptance of the Offer.

Read more here.

Further to the announcement dated 26 April 2017, AOD will be suspended from trading on the ASX in accordance with Operating Rule Schedule 10A.8.1 while its Product Disclosure Statement (“PDS”) is being refreshed.

We note that during the period of the suspension:
 Off market redemptions for AOD unit holders will continue to be processed in the ordinary course;
 Daily updates to AOD’s Net Tangible Assets and other investor communication will continue in the ordinary course;
 Franked distribution payments from AOD will continue in the ordinary course;
 AOD continues to be open to new wholesale investors on an off market basis; and
 All terms in AOD’s previously released PDS will continue to apply save as varied in accordance with the terms of the PDS and the voluntary suspension.

Once AOD’s refreshed PDS has been finalised and lodged, AOD will resume trading on the ASX and new retail applications will recommence being accepted. Aurora Funds Management Limited apologizes to investors for any inconvenience caused and will provide further updates in due course.

Aurora Funds Management Limited is pleased to announce it has expanded its management team with the appointment of Mr Ben Norman to the role of Chief Operating Officer, effective 26 April 2017.

Ben is a qualified Chartered Accountant, with over 16 years of professional and industry experience. Prior to joining Aurora, Ben was a Director in Ernst & Young’s Transaction Advisory Services division, where he spent over 9 years working on numerous due diligence, performance improvement, restructuring, turnaround, financial modelling and transaction integration engagements with clients in all industry sectors. While working with Ernst & Young, Ben also performed extended secondments with global financier GE Capital in a senior risk and compliance role and with ASX listed Origin Energy Limited as a finance manager in Origin’s upstream business.

Prior to joining Ernst & Young, Ben held a senior finance position with gas transmission business Epic Energy (which was owned by the ASX listed Hastings Diversified Utilities Fund, backed by Westpac Banking Corporation) where he was responsible for overall financial control and compliance.

Managing Director, John Patton, commented, “we are delighted to have secured the services of a very senior and experienced industry professional to Aurora’s management team. Ben Norman’s extensive professional and industry experience will be a valuable addition to Aurora’s capabilities”.

Operational Update

In light of the changes that have taken place within the business, Aurora has decided to update and refresh its Product Disclosure Statement (PDS). Pending this review being finalized, Aurora has withdrawn its PDS for new retail applications, however all existing terms will continue to apply save as varied in accordance with the terms of the PDS. Upon the lodgment of an updated PDS, the fund will then accept applications from new retail investors.

In accordance with section 630(5)(b) of the Corporations Act 2001 (Cth), Aurora Funds Management Limited (ACN 092 626 885), in its capacity as responsible entity of the Aurora Global Income Trust (ARSN 127 692 406) (Bidder), attaches a copy of a notice of variation (Notice of Variation).

HHY Fund unitholders are encouraged to read the Notice of Variation in its entirety as it informs HHY Fund unitholders that:
1. Bidder has extended the Offer Period to 7:00pm (Melbourne Time) Wednesday, 31 May 2017 (“Extension of the Offer Period”);

2. the new date for giving of the notice of the status of the Conditions is Wednesday, 24 May 2017 as a result of the Extension of the Offer Period; and

3. HHY Fund Unitholders who have already accepted the Offer before or on the date of the notice have a right to withdraw their acceptance of the Offer.

A copy of the Notice of Variation is dated 24 March 2017 and was lodged with ASIC on that date.

Read more here.