Aurora Funds Management has been successful in its battle against Primary Securities to remain the responsible entity over the Aurora Return Fund, with the NSW Supreme Court finding it was not properly removed during a shareholder’s meeting.
Primary had called the meeting on 15 January, which had seen it being voted to become the responsible entity (RE).
Justice Kelly Rees found that Aurora had not been properly removed, saying that 25 per cent of unit holders had not received adequate notice of the meeting and the members who purported to call it had not been identified as required by the Corporations Act 2001.
Primary has been given seven days to consider whether to appeal the declaration of the meeting and its resolutions as invalid, along with the court requiring ASIC to rectify its record of registration so that Aurora is reinstated as RE along with the requirement that Primary pays Aurora’s costs.
Aurora said it will update unit holders and the market once the period of the stay on Justice Rees’ orders has expired.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].