On 21 January 2019, ABW was suspended from Official Quotation, with the ASX stating:
“The securities of Aurora Absolute Return Fund (‘ABW’) will be suspended from quotation immediately under Listing Rule 17.3, pending clarification of the validity or otherwise of the appointment of a new responsible entity of ABW. The securities will remain suspended until further notice.”
On 24 August 2020, the ASX released a listing of entities that had failed to pay their listing fees, which included ABW, and noting that unless the listing fees were paid by 28 August 2020 that those entities would be removed from the Official List with effect from the close of trading on 28 August 2020.
ABW paid the listing fees before the deadline, after the ASX advised on 28 August 2020:
“There is time enough for AFML to take steps to get ABW securities reinstated to quotation should that be AFML’s objective although we acknowledge the court action by Primary must make it more difficult in the circumstances.”
On 23 September 2020, the NSW Court of Appeal handed down a decision, with costs to ABW, to the effect that Aurora Funds Management Limited was the responsible entity of ABW.
With this matter resolved by the Courts, which was the basis for the ASX suspension, ABW made a number of requests to ASX to have the suspension lifted.
On 22 October 2020, Aurora Funds Management Limited provided a written response to a letter received from the ASX, dated 15 October 2020, which included references to ABW.
Notwithstanding that ABW continued to made further requests to the ASX to have the suspension lifted, it was not until 16 December 2020 that the ASX provided its queries. ABW provided a written response to the ASX queries on 18 December 2020. Since this time, ABW has followed up with the ASX on 13 January 2021, 22 January 2021, 1 February 2021, 11 February 2021, 15 February 2021 and 19 February 2021. Still, the ASX suspension was not lifted.
Given the length of the ASX suspension, notwithstanding the resolution by the NSW Supreme Court of the identity of the responsible entity (being Aurora Funds Management Limited), ABW has now formed the view that it receives no benefit from the ASX listing and elected not to pay the latest ASX listing fees.
On 22 February 2021, the ASX released a listing of entities that had failed to pay their listing fees, which included ABW, and noting that unless the listing fees were paid by 26 February 2021 that those entities would be removed from the Official List with effect from the close of trading on 26 February 2021.
Based on ABW’s experience with the ASX, it does not consider that the ASX will ever lift the suspension. ABW has therefore made the decision to delist from the ASX.