23 Nov

NTA Estimate - $0.10

A.B.N. 69 092 626 885 AFSL No. 222110 S uite 61 3 , Level 6 370 St Kilda Road MELBOURNE VIC 3 00 4 Telephone: 1300 553 431 Email: enquiries@aurorafunds.com.au 23 November 2021 ASX Limited Level 6, Exchange Centre 20 Bridge Street SYDNEY NSW 2000 Attention: Company Announcements AURORA GLOBAL INCOME TRUST (TRUST) T he estimated Net Asset Value ( NAV ) per Unit of the Trust including franking credits as at 22 November 2021 was $ 0. 1 0 . HHY Fund (HHY) holding T he Trust has a significant holding in HHY. This investment has been valued by the Trust at HHY ’s closing ASX traded price on 22 November 2021 , which represents a discount to HHY’s Net Tangible Asset ( NTA ) position. Aurora is of the view that HHY’s underlying value is its NTA . Molopo Energy Limited (MPO) holding The Trust has an exposure to Molopo Energy Limited (MPO) . MPO was suspended from trading on the Australian Stock Exchange (ASX) on 27 July 2017 and remain s suspended as at the date of this update . On 10 August 2018, Aurora made an ASX Announcement advising of its decision to not declare Aurora Fortitude Absolute Return Fund ’s (AFARF) takeover bid free from its defeating conditions and therefore to withdraw the AFARF takeover bid. Following the withdrawal of the AFARF takeover bid, Aurora reassessed its valuation of Molopo from $0.135 per share (take - over bid price) to $0.036 per share , based on information released by Molopo at that time . As part o f the year - end audit process, Aurora further reassessed its valuation of Molopo from $0.036 to $0.026 per share. On 31 January 2019, Molopo released its Quarterly Cash Flow Statement for the quarter ended 31 December 2018. Based on the information contai ned in that Quarterly Cash Flow Statement, Aurora has further reassessed the carrying value of its investment in Molopo and has decided to write it down from 2.6 cents to 1.9 cents per share . On 24 July 2019, Molopo released its Quarterly Cash Flow Statem ent for the quarter ended 30 June 2019. Based on the information contained in this Quarterly Cash Flow Statement, Aurora has reassessed the carrying value of its investment in Molopo and has decided to further write the value of its investment down from 1 .9 cents to 1.5 cents. On 30 October 2019, Molopo released its Quarterly Cash Flow Statement for the quarter ended 30 September 2019. Based on the information contained in this Quarterly Cash Flow Statement, Aurora has reassessed the carrying value of its investment in Molopo and has decided to write the value of its investment down from 1.5 cents to 0.9 cents. On 3 February 20 20 , Molopo released its Quarterly Cash Flow Statement for the quarter ended 3 1 December 2019. Based on the informat ion contained in this Quarterly Cash Flow Statement, Aurora has reassessed the carrying value of its investment in Molopo and has decided to write the value of its investment down from 0.9 cents to 0. 5 cents. On 31 July 2020, Molopo released its Quarterl y Cash Flow Statement for the quarter ended 30 June 2020. Based on the information contained in this Quarterly Cash Flow Statement, Aurora has reassessed the carrying value of its investment in Molopo and has decided to write the value of its investment do wn from 0.5 cents to 0.4 cents. On 25 February 2021, Molopo released its Quarterly Cash Flow Statement for the quarter ended 31 December 2020. Based on the information contained in this Quarterly Cash Flow Statement, Aurora has reassessed the carrying val ue of its investment in Molopo and has decided to write the value of its investment down from 0.4 cents to nil. The fair value of the Molopo Investment is based on significant estimates and judgements adopted by the Board of Aurora based on all available information about Molopo as at the current date . The Aurora Board considered the range of possible values and determined that the fair value of the Molopo investment held by the Fund should now be valued at nil. Aurora continues to pursue avenu es to recover value that has been lost by the former directors of Molopo. About the Aurora Global Income Trust The Trust seeks to produce positive returns irrespective of the direction of the share market by investing in global equities and derivatives. Yours faithfully Aurora Funds Management Limited as responsible entity for Aurora Global Income Trust John Patton Company Secretary
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