Recent News

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

HHY Fund – Trading Halt

February 25th, 2020

In accordance with the requirements of LR17.1, Aurora Funds Management Limited (Aurora) as the responsible entity of HHY Fund (ARSN 112 579 129) (HHY), requests the trading halt
of HHY units for two business days.

The reason that Aurora requests the trading halt is to allow for HHY to conduct an “accelerated non-renounceable entitlement offer”. This offer invites unitholders to participate in a 1-for-1 pro-rata accelerated non-renounceable entitlement offer of new fully paid ordinary units in HHY (New Units) at an offer price of $0.04 (Offer Price) per New Unit to raise approximately $3.25 million (Entitlement Offer). The Entitlement Offer comprises an institutional component (Institutional Entitlement Offer) and a retail component (Retail Entitlement Offer), to be announced on 25
February 2020.

The trading halt is requested to commence on 25 February 2020, until the earlier of Aurora making an announcement to ASX concerning the above matters and the commencement of trading on 27 February 2020.

Aurora is not aware of any reason why the trading halt should not be granted.

The Entitlement Offer Booklet will also be made available to ASX as and when required.

Lodgement of Bidders Statement for Keybridge Capital and Notice of Register Date

February 11th, 2020

Aurora Funds Management Limited (Aurora), as responsible entity for the Aurora Dividend Income Trust (ADIT), refers to the 8 January 2020 ASX Announcement of its intention to make a conditional off-market  takeover bid for all of the fully paid ordinary shares in Keybridge Capital Limited (ASX: KBC) (Keybridge) for a consideration of 6.6 cents per ordinary share (the Bid).

Aurora confirms that its Bidder’s Statement has been lodged with ASIC and served on Keybridge today in the form attached to this announcement.

Aurora also notifies ASX that it has set the “Register Date” as 10 February 2020, for the purposes of sections 633(2) and 633(3) of the of the Corporations Act 2001(C’th).

Read more here.

Voting Results of the HHY Fund General Meeting

September 12th, 2019

Aurora Funds Management Limited (Aurora), in its capacity as responsible entity for the HHY Fund, hereby advises that the resolution proposed by Wilson Asset Management (International) Pty Ltd (WAMI) and its related entities, to remove Aurora as the responsible entity of the HHY Fund, was not passed at today’s meeting of unitholders.

Read more here.

 

HHY Notice of Meeting

August 19th, 2019

Aurora Funds Management Limited (Aurora), in its capacity as the responsible entity of the HHY Fund (ARSN 112 579 129) (HHY), today lodges a Notice of Meeting convening a meeting of HHY Unitholders (Meeting).

The Meeting will take place as follows:

Date: Thursday, 12 September 2019
Time: 10:30 am registration – 11:00 am meeting commences

Venue: at the roof top meeting room (level 7), 370 St Kilda Road, Melbourne VIC 3004.

The Meeting is being called at the request of WAM Capital Limited, WAM Active Limited and Botanical Nominees Pty Limited as trustee for the Wilson Asset Management Equity Fund (WAM). Unitholders should be aware that the proposed meeting and resolutions have not been proposed or endorsed by Aurora.

The Board of Aurora has prepared, and includes with this Notice of Meeting, a detailed Explanatory Memorandum to assist HHY Unitholders in forming a decision on how to vote on the proposed resolutions.

If you have any queries do not hesitate to contact Mr Adrian Tilley by telephone +61 411 886 626 or by email (adrian@aurorafunds.com.au).

Read more here.

Termination of Investment Management Agreement with Keybridge Capital Limited

July 19th, 2019

Aurora Funds Management Limited (“Aurora”), in its capacity as responsible entity of HHY Fund (“HHY” or “Fund”) refers to its 11 July 2019 announcement of the termination of its Investment Management Agreement with Keybridge Capital Limited dated 30 June 2016 (“Investment Management Agreement”).

The notice period of 5 Business Days under the Investment Management Agreement has now elapsed, and Keybridge Capital Limited is no longer the investment manager of HHY.

HHY Fund (ASX:HHY) – Termination of Investment Management Agreement with Keybridge Capital Limited

July 12th, 2019

Aurora Funds Management Limited (“Aurora”), in its capacity as responsible entity of HHY Fund (“HHY or Fund”), has today notified Keybridge Capital Limited, providing 5 Business Days’ notice, of the termination of its Investment Management Agreement dated 30 June 2016, in relation to HHY.  Aurora, as responsible entity, will assume the investment management responsibilities and duties for the Fund.  Aurora will not charge a management fee, resulting in a reduction in expenses for the Fund.

Join Our Mailing List

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

SIGN UP HERE