Author Archive

Delisting from the ASX

February 26th, 2021

On 21 January 2019, ABW was suspended from Official Quotation, with the ASX stating:

“The securities of Aurora Absolute Return Fund (‘ABW’) will be suspended from quotation immediately under Listing Rule 17.3, pending clarification of the validity or otherwise of the appointment of a new responsible entity of ABW. The securities will remain suspended until further notice.”

On 24 August 2020, the ASX released a listing of entities that had failed to pay their listing fees, which included ABW, and noting that unless the listing fees were paid by 28 August 2020 that those entities would be removed from the Official List with effect from the close of trading on 28 August 2020.

ABW paid the listing fees before the deadline, after the ASX advised on 28 August 2020:

“There is time enough for AFML to take steps to get ABW securities reinstated to quotation should that be AFML’s objective although we acknowledge the court action by Primary must make it more difficult in the circumstances.”

On 23 September 2020, the NSW Court of Appeal handed down a decision, with costs to ABW, to the effect that Aurora Funds Management Limited was the responsible entity of ABW.

With this matter resolved by the Courts, which was the basis for the ASX suspension, ABW made a number of requests to ASX to have the suspension lifted.

On 22 October 2020, Aurora Funds Management Limited provided a written response to a letter received from the ASX, dated 15 October 2020, which included references to ABW.

Notwithstanding that ABW continued to made further requests to the ASX to have the suspension lifted, it was not until 16 December 2020 that the ASX provided its queries. ABW provided a written response to the ASX queries on 18 December 2020. Since this time, ABW has followed up with the ASX on 13 January 2021, 22 January 2021, 1 February 2021, 11 February 2021, 15 February 2021 and 19 February 2021. Still, the ASX suspension was not lifted.

Given the length of the ASX suspension, notwithstanding the resolution by the NSW Supreme Court of the identity of the responsible entity (being Aurora Funds Management Limited), ABW has now formed the view that it receives no benefit from the ASX listing and elected not to pay the latest ASX listing fees.

On 22 February 2021, the ASX released a listing of entities that had failed to pay their listing fees, which included ABW, and noting that unless the listing fees were paid by 26 February 2021 that those entities would be removed from the Official List with effect from the close of trading on 26 February 2021.

Based on ABW’s experience with the ASX, it does not consider that the ASX will ever lift the suspension. ABW has therefore made the decision to delist from the ASX.

KBC Second Supplementary Bidder’s Statement

March 30th, 2020

This document is a supplementary bidder’s statement under section 641 of the Corporations Act 2001 (Cth). It is the second supplementary bidder’s statement (Second Supplementary Bidder’s Statement) issued by Aurora Funds Management Limited as responsible entity for the Aurora Dividend Income Trust (ARSN 151 947 732) (ADIT) in relation to its off-market takeover bid for the ordinary shares in Keybridge Capital Limited that ADIT does not already own. This Second Supplementary Bidder’s Statement supplements, and should be read together with, ADIT’s bidder’s statement dated 7 February 2020 (Original Bidder’s Statement) and ADIT’s First Supplementary Bidder’s Statement dated 5 March 2020. This Second Supplementary Bidder’s Statement prevails to the extent of any inconsistency with the Original Bidder’s Statement and First Supplementary Bidder’s Statement. Terms defined in the Original Bidder’s Statement and First Supplementary Bidder’s Statement have the same meaning in this Second Supplementary Bidders Statement. A copy of this Second Supplementary Bidder’s Statement was lodged with ASIC on 30 March 2020. Neither ASIC nor any of its officers takes any responsibility for the content of this Second Supplementary Bidder’s Statement.

Read more here.

ADIT Takeover Bid for the ordinary shares in Keybridge Capital Limited

March 24th, 2020

Aurora Funds Management Limited (ACN 092 626 885), as responsible entity for Aurora Dividend Income Trust (ARSN 151 947 732) (ADIT), refers to the off-market takeover bid for the fully paid ordinary shares in Keybridge Capital Limited (ACN 088 267 190) (KBC).

ADIT’s Supplementary Bidders Statement, dated 5 March 2020, detailed its improved cash consideration of 7.0 cents for each fully paid ordinary share (Improved Bid), which which was subject to Keybridge shareholders being granted the ability to withdraw their acceptances (Withdrawal Condition) from the WAM Active bid.

On 13 March 2020, Aurora announced that ADIT had freed its bid of all defeating conditions which included the Withdrawal Condition. As such, ADIT’s takeover bid for KBC is 7.0 cents per share.

HHY Fund to cancel Entitlement Offer

March 16th, 2020

Aurora Funds Management Limited (Aurora), in its capacity as Responsible Entity for the HHY Fund (Fund or HHY), provides the following update in relation to its Entitlement Offer originally announced on 25 February 2020.

Cancellation of Entitlement Offer

Considering the recent heightened global market volatility, Aurora has decided that it is in the best interests of unitholders to cancel the Entitlement Offer and refund all amounts to unitholders who participated in the capital raising. All application monies received under the Entitlement Offer will now be refunded in full without interest, pursuant to the terms set out in the Entitlement Offer booklet, with refund transfers commencing from Wednesday, 18 March 2020.

KBC Bidders Statement – Updated

March 9th, 2020

Aurora Funds Management Limited as responsible entity for the Aurora Dividend Income Trust (ADIT) is offering to acquire all of your fully paid ordinary shares in Keybridge Capital Limited (ASX: KBC) issued on or before 10 February 2020, through the Bid contained in this Bidder’s Statement.

Read the Bidders Statement here.

KBC Supplementary Bidders Statement

March 5th, 2020

Aurora Funds Management Limited as responsible entity for the Aurora Dividend Income Trust (ADIT) is offering to acquire all of your fully paid ordinary shares in Keybridge Capital Limited (ASX: KBC) issued on or before 10 February 2020, through the Bid contained in this Bidder’s Statement.

Read the Bidders Statement here.

KBC Takeover Bid Update

March 3rd, 2020

Aurora Funds Management Limited (Aurora), as responsible entity for the Aurora Dividend Income Trust (ARSN 151 947 732) (ADIT or Fund), announces that it proposes, if certain conditions (as set out below) are satisfied, to vary its off-market takeover bid for the fully paid ordinary shares in Keybridge Capital Limited (ACN 088 267 190) (KBC)1 , by increasing the cash consideration offered from 6.6 cents (Initial Bid) to 7.0 cents for each fully paid ordinary share (Improved Bid).

Conditional Increase in ADIT’s Bid consideration

ADIT’s Initial Bid is 6.6 cents cash per KBC share. However, ADIT will increase its bid to 7.0 cents cash per KBC share on the condition that Target shareholders are able to withdraw their acceptances from the WAM Active takeover offer dated 3 January 2020. All other conditions in the Initial Bid, as announced on 8 January 2020, remain the same.

ADIT is planning to release its Bidder’s Statement shortly.

HHY: Results of Institutional Entitlement Offer

March 3rd, 2020

Aurora Funds Management Limited (Aurora), in its capacity as Responsible Entity for the HHY Fund (Fund or ASX: HHY), announces the closure of its Institutional Entitlement Offer to raise up to $3.25 million (‘Entitlement Offer’) originally announced 25 February 2020 and updated announcement dated 28 February 2020. The Entitlement Offer originally comprised of an institutional component (Institutional Entitlement Offer) and a retail component (Retail Entitlement Offer). No funds were raised under the Institutional Entitlement Offer, which is now closed. All HHY unitholders will be able to participate in accordance with the same timetable as the Retail Entitlement Offer.

Read more here.

HHY Amendment of Entitlement Offer dated 25 February 2020

February 28th, 2020

Aurora Funds Management Limited, in its capacity as responsible entity for the HHY Fund (Fund or ASX: HHY), announces the following variations to HHY’s Entitlement Offer announced to the ASX on 25 February 2020.

In order to ensure all institutional holders may participate in the Entitlement Offer in full, HHY has varied the offer terms as follows: • the closing date of the Institutional Entitlement Offer has been extended to 7.00pm AEST on Monday, 2 March 2020; • the Record Date has been extended to 7.00pm AEST on Tuesday, 3 March 2020; and • to require the appointment of a nominee to acquire New Units that Ineligible Unitholders would have been entitled to acquire, had they been eligible to participate in the Entitlement Offer.

As a result of the above changes, the Retail Entitlement Offer will open on 5 March 2020 and close on 16 March 2020.

As at the time of this announcement, no acceptances have been received to the Institutional Offer (as defined in the Entitlement Offer). However HHY has received indications that at least one institutional holder intends to participate in the offer and in the shortfall offer, to the maximum extent permitted by law.

Under the terms of the Entitlement Offer, certain Unitholders in the HHY Fund were ineligible to participate in the Entitlement Offer. So far as HHY is aware, there is only one such unitholder, a retail unitholder (with less than 10,000 units), who is ineligible. As a result, HHY originally concluded that the costs of the nominee arrangement described below was not justified. However, to ensure that unitholders participating in the Entitlement Offer have the benefit of the exemption described at item 10 of the table set out under section 611 of the Corporations Act, HHY will issue units that would otherwise have been issued to Ineligible Unitholder(s) to a nominee, which will exercise its discretion in selling those New Units. The net proceeds of the sale (if any) will, at the conclusion of the sale process, be distributed to the Ineligible Unitholder(s) in proportion to their unitholding at the Record Date.

These variations are made in accordance with section 5.8 of the original Entitlement Offer. The amended terms of the Entitlement Offer are reflected in the amended Entitlement Offer booklet set out in Annexure A, with the updated terms (including some typographical corrections) shown in marked-up form.

HHY Entitlement Offer

February 25th, 2020

The attached Offer Booklet will be mailed to eligible unitholders in relation to the retail component of HHY’s accelerated non-renounceable pro-rata 1 for 1 entitlement offer announced on 25 February 2020.

Retail Entitlement Offer Booket

Join Our Mailing List

Receive the latest investment funds news from Aurora delivered right to your inbox

SIGN UP HERE