The Price Of AIB Fund Tumbled By 11.765% After It Declares Its NTA As $0.175

  • Jan 04, 2019 AEDT
  • Team Kalkine
The Price Of AIB Fund Tumbled By 11.765% After It Declares Its NTA As $0.175

On 4 January 2018, the Aurora fund management announces on ASX that its estimated net asset value per unit as $0.175 which includes the franking credit. Aurora Global Income Trust (ASX: AIB) has holdings in HHY funds the value of the fund was decided based on the closing price of the HHY fund on ASX on 3 January 2019. The Aurora fund management declares that the NAV of the AIB fund depends on the underlying value of HHY fund. 

AIB also have exposure to Molopo Energy Limited (MPO) which is currently in a suspended status since 27 July 2017. It will remain to be in the suspended state unless any further update comes from the organization.

The Aurora fund management also declares the withdrawal of its Aurora Fortitude Absolute Return Fund’s (AFARF) takeover bid to make it free from the defeating conditions. After the removal of AFARF fund, MPO was again reassessed. As a result of the reassessment, the valuation of MPO was in the range of $0.135 per share to $0.036. In the year-end audit, MPO was reassessed where its valuation was in the range of $0.036 to $0.026 per share.

The Aurora fund management feels that they need to estimate the carrying value of the investment on the Molopo investment as the company already holds Canadian litigations and there was also an announcement on the drawbridge shareholding. Further, the management of the Aurora fund management will be finalizing the fair value of making the investment into Molopo which depends on all minute details of Molopo.

At present, the valuation of MPO shares is 26% of the total value of the assets of the trust.

AIB fund’s official listing date on ASX is 24 December 2007 where the performance of the fund remains negative throughout. In 5 years, the fund has given a return of -81.1%. The previous year data shows that the fund has delivered a return of -66%.

For the fiscal year which got ended on 30 June 2018, the Aurora Global Income Trust reports a net operating loss of $2,539,255. The net asset attributable to the unit holders is $1,734,493 which is equal to its liabilities. The unit holders made a loss of $0.330 per unit of the fund they hold.

The scenario of the fund and the financial position of the fund in 2018 indicates that the unitholders are skeptical about its performance shortly which made the per unit price of the fund decrease by 11.765%. The fund traded flat on ASX with the current market price of A$0.150 and the market capitalization of A$1.24 million.


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