AOD – Voluntary Suspension From Trading

April 27th, 2017

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.

Appointment of Chief Operating Officer

April 26th, 2017

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.

Off Market Takeover Bid for all the units in the HHY Fund

March 27th, 2017

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.

Takeover Bid for all the units in the HHY Fund Update

February 21st, 2017

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 692406) (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) Friday, 31 March 2017 (“Extension of the Offer Period”);

2. the new date for giving of the notice of the status of the Conditions is Friday, 24 March 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 20 February 2017 and was lodged with ASIC on that date.

Read more here.

Off Market Takeover Bid for all the units in the HHY Fund

January 25th, 2017

In accordance with sections 630 (5)(b) and 647 (3)(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 its first supplementary bidder’s statement with the enclosed notice of variation (First Supplementary Bidder’s Statement).

HHY Fund unitholders are encouraged to read the First Supplementary Bidder’s Statement in its entirety here.

Appointment of Compliance Committee Member

January 19th, 2017

Aurora Funds Management Limited, as Responsible Entity for Aurora Global Income Trust is pleased to announce the Board has appointed Mr Jim Hallam as an external member of the Responsible Entity’s Compliance Committee to replace Mr David Lewis who has resigned. Jim’s appointment will take effect immediately.

Jim is currently a Non‐Executive Director of Aurora Funds Management Limited.

Jim was appointed as Non‐Executive Director of Aurora Funds Management Limited on 30 June 2016. Jim has over 20 years’ finance and operational experience in Australian funds and investment management experience. Focused on building strong strategically important processes to create and support funds management, Jim’s expertise in finance includes his role as CFO at Hastings Funds Management Limited from 1997 to 2006. Whilst at Hastings, funds under management grew from A$500 million to A$3,600 million, with investments being made in Australia, UK and the US for listed and unlisted funds. His experience spans a diverse range of businesses including toll roads, airports, electricity and gas transmission networks, water utilities, timber plantations, telecommunications, ports and stadiums.

The Board wish to thank Mr Lewis for his considerable contribution since his appointment.

Change of Registered Address

December 22nd, 2016

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

Voting Results of the HHY Fund Unitholder Meeting

December 9th, 2016

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.

Update on AIB takeover bid

December 8th, 2016

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.

Adjournment of HHY Fund Meeting Update

December 7th, 2016

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.

 

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