ABW Update on NSW Supreme Court Proceedings – Aurora Successful

Aurora Funds Management Limited (Aurora), in its capacity as the responsible entity of the Aurora Absolute Return Fund (ABW or Fund), provides the following update concerning the NSW Supreme Court proceedings commenced by Aurora in order to resolve the confusion as to the identity of the responsible entity of the Fund, caused by the conduct of Primary Securities Limited (Primary) in calling and holding the purported meeting of 15 January 2019.

This afternoon, Her Honour Justice Rees delivered her Judgment. Her Honour found that Aurora was not properly removed, and Primary not properly appointed, as the responsible entity of ABW. Amongst the reasons given, Her Honour noted that the members who purported to call the meeting of 15 January 2019 had not been identified as required by the Corporations Act and that 25% of the unit holders in ABW had not received adequate notice of the meeting.

Her Honour made Orders, which have been stayed for seven (7) days, to allow Primary to consider whether to appeal: 1. declaring that the meeting of the Fund on 15 January 2019 was invalid, as were the resolutions passed at that meeting, and that Primary is not and never has been the responsible entity of ABW; 2. requiring ASIC to rectify its record of registration, so that Aurora is reinstated as responsible entity of ABW; and 3. requiring Primary to pay Aurora’s costs.

Aurora will update unit holders and the market once the period of the stay on Her Honour’s Orders has expired.

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