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holders on that date, and is open for acceptance until 7:00 pm (Melbourne time) on 30 January 2017, unless extended or withdrawn.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.

 

AUP Voting Results

December 7th, 2016

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.

Adjournment of HHY Fund Meeting

December 7th, 2016

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.

AIB Voting Results

December 7th, 2016

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.

Antares Energy Update

December 1st, 2016

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.

AFARF meeting results

November 30th, 2016

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.

AUP – Notice of Meeting of Unitholders Update

November 25th, 2016

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.

HHY – Notice of Meeting of Unitholders Update

November 23rd, 2016

VOTE NO – VOTE AGAINST ALL RESOLUTIONS

 CURRENT MANAGEMENT DRIVING UNITHOLDER VALUE

 AURORA HAS IMPLEMENTED CLEAR STRATEGY TO ADDRESS TRADING BELOW NTA

 WAM’S PROPOSAL TO REPLACE RESPONSIBLE ENTITY JEOPARDISES STRATEGY WITH NO STATED ALTERNATIVE

 PROPOSED REPLACEMENT RESPONSIBLE ENTITY ALSO HAS NO KNOWN STRATEGY/AGENDA

 WAM’S INTENTIONS UNDISCLOSED

By now you would have received a Notice of Meeting scheduled to be held on 6 December 2016 (2nd 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 2nd Meeting.

In the meantime, the Directors strongly recommend that you vote your 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 to do so should you be unable to attend the meeting.

HHY Performance

HHY’s performance under Keybridge/Aurora management has been strong, as evidenced by a 17.27% return after taxes and management fees for FY16.

Read more here.

Agricultural Investment in Australia

November 18th, 2016

Over the last few weeks it appears that Gina Rinehart’s Australian Outback Beef (67% Hancock Prospecting/33% China’s Shanghai CRED) has won the bidding war for the Adelaide-based pastoral company S.Kidman & Co Ltd.  If this $365 million deal is approved by the Foreign Investment Review Board (FIRB), the combined pastoral empire will own 11.9 million hectares or 1.5% of Australia.  Food production/agriculture is an area in which Australia possesses a global comparative advantage in production, unlike car manufacturing where taxpayers may have trouble discerning the benefit they have received from the billions “co-invested” in the production of motor vehicles which will cease in 2017 with the closure of Holden’s factory at Elizabeth in South Australia.

In this note we look at the extent to which opportunities for investors in getting exposure to listed agricultural companies has diminished over the last ten years by takeovers,  and the depth of foreign interest in ASX-listed agricultural companies.

Time Horizons

We see that the biggest factor in the reduction in the number of listed agricultural companies is the mismatch in investment horizons between equity owners such as institutional fund managers and foreign buyers like sovereign wealth funds. Fund managers (including the author of this piece) spend too much energy focusing in on delivering quarterly returns ahead of their peers to retain funds under management, whereas foreign buyers can often take a longer view that the value of food or the supply of arable land servicing the growing urban populations of Asia will be worth more in coming decades.

Read more here.

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