Aurora Funds Management Limited (Aurora) currently holds 19.9% of the issued units of the RNY Property Trust (RNY) as responsible entity of the Aurora Property Buy-Write Income Trust, Aurora Global Income Trust and Aurora Fortitude Absolute Return Fund. On 18 July 2017, Aurora requisitioned a meeting of the unit holders of RNY to consider a change in its responsible entity from RNY Australia Management Limited (RAML) to Aurora.
Aurora took this step having tried to engage constructively with RNY about Aurora’s concerns, including by putting forward a potential recapitalisation proposal aimed at delivering unit holder value. As those attempts were unsuccessful, Aurora carefully considered all its options to enhance and protect the value of its investment in RNY, and concluded that the best way to achieve this is to change the management of RNY.
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