Wilson makes counter bid to run Blue Sky access fund

Wilson makes counter bid to run Blue Sky access fund

Less than a week after Blue Sky Alternative Investments (ASX: BLA) reached a deal for Pinnacle Investment (ASX: PNI) to manage its alternative access fund from the start of 2019, a new contender has come on the scene.

In an announcement today, the group's $177 million Blue Sky Alternative Access Fund (ASX: BAF) informed shareholders it had received a proposal from Wilson Asset Management (ASX: WAM) to be appointed as its new manager.

"The non-executive directors of BAF have requested that WAM provide further detail regarding its proposal so that non-executive directors can consider that proposal and provide full details to shareholders in due course," the fund says.

Blue Sky is offloading its management of the fund as part of a strategy to focus mostly on institutional-based investments, and the deal with Pinnacle contemplates a name change for BAF to Alterum.

Under the deal reached with Pinnacle, Alterum would be led by BAF's current chairman Andrew Champion with a focus on private markets and multi-management. 

BAF has scheduled an extraordinary general meeting seeking shareholder approval for the Pinnacle transaction on 13 December, but with Wilson now making its tilt that vote may turn out to be more complicated than expected.

BAF shares were up 3.57 per cent at $0.87 at 11:17am AEDT.

 

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

More here:

Oaktree saves Blue Sky with $50m investment

Blue Sky in discussions to receive lifeline from US investment firm

Rough trot continues for Blue Sky with poor results

Lenard's back in founder's control after Blue Sky takes flight

Blue Sky bounces back in June

Blue Sky darkens on latest $60 million hit and share price freefall

Blue Sky in trading halt ahead of major review

Blue Sky confirms KPMG to carry out comprehensive review

Brisbane's Top 50 Companies 2018 revealed

Blue Sky turmoil continues with board purge, further share slide

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Fashion-tech startup Citizen Wolf uses data to tailor tees, alleviate landfill

Fashion-tech startup Citizen Wolf uses data to tailor tees, alleviate landfill

As a consequence of our addiction to fast fashion, Australia sends ...

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

In an effort to appease Australian and New Zealand regulator concer...

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

After securing an $830 million contract from Dexus (ASX: DXS), Melb...

QLD to launch Star Entertainment review in July as former judge appointed to probe casino operator

QLD to launch Star Entertainment review in July as former judge appointed to probe casino operator

Casino operations that account for more than half of The Star Enter...