REITs – Hugh Dive on ShareCafe

September 20th, 2016

Hugh Dive discusses REITs on ShareCafe.

Shorting – Hugh Dive on ShareCafe

September 20th, 2016

Hugh Dive discusses Shorting on ShareCafe.

HHY Explanatory Memorandum

September 15th, 2016

The directors of the responsible entity unanimously recommend that you vote AGAINST all of the resolutions.

Read the full Explanatory Memorandum here.

Australian insurers face a tough three-year outlook

September 12th, 2016

Written by Vesna Poljak  of the Australian Financial Review.

“That’s no different to what’s happening to the former supermarket duopoly, says fund manager Hugh Dive from Aurora Funds Management. “What’s a bigger issue for me which hasn’t really been focused on in the market is Suncorp and IAG are facing market share losses through a bunch of challenger brands. It’s a bit like what’s going on in grocery. The higher margins have given the Aldis of their world more oxygen and the ability to nibble away at market share,” he says.”

Read more here.

AFARF Explanatory Memorandum

September 9th, 2016

The directors of the responsible entity unanimously recommend that you vote AGAINST all of the resolutions.

Read the full Explanatory Memorandum here.

Daily applications and redemptions reinstated

September 8th, 2016

Aurora Funds Management Limited (“Aurora”) is pleased to announce that daily applications and redemptions will be reinstated for the Aurora Fortitude Absolute Return Fund and the Aurora Absolute Return Fund. The daily application and redemption facility is available from 8 September 2016.

Aurora Fortitude Absolute Return Fund

Aurora Absolute Return Fund

Reinstatement of Liquidity & Antares Convertible Note Update

August 31st, 2016

Aurora Funds Management Limited (“Aurora”) provides the following update in respect of the Aurora Fortitude Absolute Return Fund (the “Fund”).

Antares Convertible Note Update

As at 30 June 2016, the Fund held investments in Antares Energy Limited Convertible Notes (ASX: AZZG), which had been suspended from trading on the Australian Stock Exchange on 15 September 2015 and remain suspended as at the date of this update.

In February 2016, Aurora made the decision to freeze applications and redemptions in the Fund, on the basis that it could not accurately determine a value for the AZZG Notes.

For the purposes of the June 2016 year-end financial statements, and after careful consideration of all of the available information, Aurora has formed the view that the AZZG Notes should be recognised at a nil value.

Aurora Global Income Trust update (AIB)

Aurora Fortitude Absolute Return Fund (AFARF)

Aurora Absolute Return Fund (ABW)

Reporting Season Snakes and Ladders

August 31st, 2016

During the months of February and August, the majority of Australian listed companies reveal their profit results and most provide guidance as to how they expect their businesses to perform in the upcoming year.  Whilst we regularly meet with companies between reporting periods to gauge how their businesses are performing, during reporting season companies open up their car bonnets to enable investors to have a detailed look at their company’s financials. Until this happens, investors don’t know for certain whether smoke is going to pour out (and receive a scornful look from the girl in red below) or find out that the growth engine is humming along.

Today marks the final day of the August 2016 reporting season and companies have until the end of the day to report their financials. In this piece we are going to run through the key themes that have emerged over the last four weeks.

Read more here.

Inside a Hot IPO

August 19th, 2016

Two weeks ago the initial public offer (IPO) of Viva Energy (a portfolio of 425 Shell service stations) listed on the ASX. This was a very successful IPO, well managed by its investment bankers who structured the deal astutely to create demand from institutional investors and the stock gained +16% on its first day of trading. Indeed the success of this IPO has prompted Woolworths to look at spinning out their portfolio of service stations into a property trust with an expected valuation between $1.3 and $1.5 billion.

We are always very sceptical about new IPOs, however occasionally a great IPO comes along, either for a long term investment or one with a high probability of making a short term gain on its opening day. In this week’s piece we are going to look at the machinations of institutional investors during the roadshow and listing of a hot IPO and the game of Liar’s Poker that goes on between fund managers and the investment banks running the IPO process.

Read more here.

AFARF notice of meeting

August 18th, 2016

Aurora Funds Management Limited (ACN 092 626 885) (Aurora) is the responsible entity of the Aurora Fortitude Absolute Return Fund (AFARF or the Fund).

On 28 July 2016, Aurora received a notice from Providence Wealth Advisory Group Pty Ltd (Providence) acting for a group of unitholders in the Fund, requesting that Aurora call a meeting of unitholders for the purpose of considering resolutions for the winding up of AFARF and the
replacement of Aurora as the responsible entity of AFARF (Requested Resolutions).

As a representative of unitholders holding more than 5% of the issued units in the Fund, Providence is entitled, under the Corporations Act 2001 (Cth), to call such a meeting. Therefore, unitholders should be aware that the Requested Resolutions are not being put to unitholders voluntarily by Aurora and have not been proposed or endorsed by Aurora.

Attached is the Notice of Meeting and Proxy Form for a meeting to consider the Requested Resolutions to take place on Monday, 26 September 2016 commencing at 11:00am at Registry Direct, Level 6, 2 Russell Street, Melbourne Vic 3000. Attachment A to the notice of meeting is
the statement provided by Providence which, in accordance with the Corporations Act, is being distributed to you at the same time as the notice of the meeting. Aurora did not prepare and is not responsible for the content of that statement which appears to contain certain misconceptions as to fees charged by the responsible entity.

We note that Aurora takes its legal and other governing obligations seriously and exercises a high level of care and prudence in relation to questions of interpretation of the Fund’s constitution and the product disclosure statement, including as it relates to fees charged by the
responsible entity.

The Board of Aurora intends to issue a more detailed Explanatory Memorandum to unitholders which will be relevant to your decision on how to vote on the Requested Resolutions. Aurora recommends that unitholders take no action in respect of the Meeting prior to receiving the Explanatory Memorandum, which will be posted to the registered address of each AFARF unitholder at least three weeks prior to the Meeting.

If you have any queries in the interim do not hesitate to contact Betty Poon by telephone +613-8687-2263.

On behalf of Aurora, thank you for your ongoing support of the Fund.

Read more here.

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