Keybridge Capital Limited (ASX:KBC) intends to make an all scrip takeover bid to acquire RNY Property Trust (ASX:RNY) from Aurora Property Buy-Write Income Trust (ASX:AUP), Aurora Fortitude Absolute Return Fund, Aurora Global Income Trust (ASX:AIB), Aurora Dividend Income Trust, managed by Aurora Funds Management Limited and others for AUD 2.9 million on June 29, 2020. Under the terms, Keybridge will issue 0.16 shares for each unit of RNY. Keybridge will issue maximum of 42.1 million shares for 100% stake in RNY. Keybridge has obtained confirmation from Aurora Funds. As of May 17, 2021, Aurora Funds Management Limited hold 68% stake in RNY Property Trust. Aurora Property Buy-Write Income Trust holds 62% stake in RNY Property Trust. On August 12, 2020, Aurora Funds confirms that it would not accept the offer for more than 41.45 million RNY units. Nicholas Bolton has recused himself from the approval process at Keybridge in relation to the bid, noting that he holds a material economic interest in Aurora. The transaction is subject to Keybridge obtaining any necessary regulatory consents or approvals, otherwise the bid itself is not subject to conditions. As announced on August 14, 2020, the offer is unconditional. Keybridge will apply for quotation of the new Keybridge shares issued as offer consideration. If Keybridge controls 90% or more of the RNY Property it will seek to compulsorily acquire the remaining Units, remove the RNY Property Trust from the official list of ASX. This Bidder's Statement was approved by a unanimous resolution of all of the directors of Keybridge on August 14, 2020. Offer period will start from mid-July and will run till mid-August 2020. On September 28, 2020, Keybridge issued a substantial holder notice stating it had acquired a relevant interest of 1.01% in RNY (from parties other than Aurora) through acceptances into the Keybridge offer. The offer expires on September 30, 2020. On September 30, 2020, Keybridge extended the offer period so as to close the offer period from September 30, 2020 to October 14, 2020. As of October 14, 2020, offer period has been extended to November 16, 2020. The transaction is expected to be completed on December 16, 2020. As of December 16, 2020, offer period has been extended to January 18, 2021. As of January 18, 2021, offer period has been extended to February 18, 2021. On January 20, 2021, Huntley Management Limited (Huntley), as responsible entity of RNY, announced that unitholders had passed a resolution to remove RNY from the Official List of the ASX. As a consequence of RNY's voting results, RNY was removed from the Official List of the ASX on January 25, 2021. As of June 10, 2021, Aurora has elected to accept a portion of its Funds holdings into the Keybridge Offer. Consistent with its previous “truth in takeovers” statement, Aurora has limited its acceptances into the Keybridge offer at 41,450,000 RNY units. As of February 18, 2021, offer period has been extended to March 31, 2021. As of March 31, 2021, offer period has been extended to April 30, 2021. As of April 30, 2021, offer period has been extended to May 31, 2021. As of May 31, 2021, offer period has been extended to June 30, 2021. As of June 2021, offer period has been extended to August 2, 2021. Keybridge Capital extended the offer period to August 13, 2021. The transaction is materially NTA accretive for Keybridge. Baker & McKenzie acted as legal advisor and Advanced Share Registry Limited (ASX:ASW) acted as registrar for Keybridge.

Keybridge Capital Limited (ASX:KBC) completed the acquisition of 27.7% stake in RNY Property Trust (ASX:RNY) from Aurora Property Buy-Write Income Trust (ASX:AUP), Aurora Fortitude Absolute Return Fund, Aurora Global Income Trust (ASX:AIB), Aurora Dividend Income Trust, managed by Aurora Funds Management Limited and others for AUD 0.8 million on August 13, 2021.