Aurora Investment Trust Offer - Now Closed

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The Aurora Investment Trust Offer is now CLOSED

18th November 2018

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO ANY US PERSONS OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN, OR ANY OTHER JURISDICTION, OR TO ANY PERSON, WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAW.

Aurora Investment Trust Plc - Offer Overview

  • Market: LSE Main Market
  • Raising: £2m (minimum)
  • Pricing: 1 ¼% premium to NAV at close on Wednesday 27th June 2018
  • Current Price: 220p (mid) (18th June 2018)
  • Current NAV: 215p (14th June 2018)
  • Market Cap: £104.77m
  • Minimum investment: £1,000 and multiples thereof
  • Investment Horizon: 3 to 5 years

Expected Timetable

  • Offer Open

    18th June 2018

  • Offer Closes:

    29th June 2018

  • Allocation announced:

    29th June 2018

  • Trading begins:

    3rd July 2018


About Aurora Investment Trust PLC

Aurora Investment Trust plc, which was launched in March 1997, is an investment trust company whose objective is to achieve long-term returns through capital and income growth by investing in a concentrated portfolio of UK listed equities. The Company appointed Phoenix Asset Management Partners Limited as its investment manager on 28 January 2016. The Investment Manager was set up in 1998 by Gary Channon and had approximately £785 million of assets under management as at 31 August 2017. The core investment team of the Investment Manager has been together for over 16 years. The Company’s investment portfolio is relatively concentrated, typically holding between 15 and 20 investments in UK listed equities. The Company’s benchmark is the FTSE All-Share Index, total return

Highlights
  • Phoenix Asset Management (PAM) appointed in 2016
  • No management fee
  • Performance fee if PAM beat FTSE-All share - Performance fee is 1/3 of the “beat”
  • Fee paid in shares
  • PAM has a 20 year successful track record
  • PAM has £860m AUM, all managed using same strategy
  • Phoenix UK Fund is part of the AUM
  • £1,000 invested at inception in 1998 would now be the equivalent of £6,500, (10% annualised net return)
  • Before Aurora, the strategy was only available to offshore, very high net worth or institutional investors

Use of Proceeds
  • To increase the size of the Company. The Issues may also provide an opportunity to attract new investors and therefore may improve the liquidity of the Ordinary Shares. The Directors will apply the net proceeds of any Issues in accordance with the Company’s investment policy.

Risks
  • Buying a focused portfolio of stocks that are out of favour can result in high volatility.
  • The stock may suffer with liquidity issues, it may therefore be difficult to sell shares on a short term basis.
  • There can be a long time lag between the company making an investment and the price of that investment starting to reflect its underlying value
  • Investment approach is best suited to a time horizon of longer than three years
  • Changes in economic conditions (including, for example, interest rates and rates of inflation), industry conditions, competition, changes in the law, local and national political and geopolitical events, terrorism, tax laws and other factors can substantially and adversely affect the value of investments and therefore the Company’s performance and prospects.
  • The past performance of the Company, and of other funds with similar investment strategies and objectives managed by the Investment Manager, is not a guarantee of the future performance and prospects of the Company.
  • The departure of key skilled professionals from the Investment Manager could have a material adverse effect on the Company’s business, financial condition and operations.

(Please note that these risks represent the judgement of Cornhill Capital, there may be additional risks represented in the prospectus)


IPO  Documents

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Cornhill provide an excellent service for clients wishing to invest in IPOs and placings which are not generally available through the large retail client stock brokers. The terms and discounts available are generally the same as those offered to institutional investors, furthermore the AIM quoted investment opportunities often qualify or EIS tax reliefs.

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Risk Warning pre-IPO’s, IPO’s & Secondary Issues

Investments in pre-IPO’s and IPO’s involve a high degree of risk and are not suitable for all investors. A pre-IPO issue is the funding given to the company before listing. There is no guarantee that the company will list, but if it does then there is normally an increase from the pre-IPO to the IPO price, representing a profit. However, even when a company is listed on, say,  the AIM market, it is considered to be a high-risk investment, and will have wider spreads on price and be more illiquid and it may be difficult to sell the shares on a short-term basis and in some circumstances it may be difficult to sell at any price. All investments made into an IPO or new issue or in a secondary issue should always be made solely on the basis of the information provided in the relevant prospectus and any other supplementary documentation. The specific risks will be detailed in the prospectus but the value of your investment can go down as well as up and you may not get back the money you invested.  You should be sure that you fully understand the purpose of, and the reason for, the fundraising. Before you decide to invest you should obtain information regarding the business plan and note the risk factors. If you have any doubts about the suitability of an investment you should seek professional advice.

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