Aurora Funds Management Ltd., the responsible entity of Aurora Property Buy-Write Income Trust, intends to conduct an on-market buyback of up to 10% of the trust's issued units.
Aurora Funds said in a release that the buyback of units will help unit holders exit the fund more easily.
Additionally, Aurora Property's responsible entity said it is allowing unit holders who have submitted their redemption request on or after Aug. 31 to cancel their requests, as the fund cannot process off-market unit redemptions after that date despite waivers issued by the Australian stock exchange to the fund.
Aurora Property's inability to process the redemption was due to Aurora Fund's belief that it does not currently satisfy conditions required for the waivers. But the responsible entity will process and redeem all redemptions received and accepted by it before Aug. 31.