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WMA - WAM ALTERNATIVE ASSETS LIMITED


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BAF - Holds equity in Readify Pty Ltd, a leading Australian IT-services company focused on application development and platform deployment in the Microsoft environment.

 

Telstra has acquired Melbourne-based IT consultancy Readify as the telco continues to add to its Network and Services portfolio. The financial details of the deal haven't been disclosed but the telco said that the Readify will provide an additional platform for it to drive digital transformation for its enterprise customers.

 

"Readify will provide application development and data analytics services, nicely complementing Kloud's existing services," Telstra Executive Director Global Enterprise and Services, Michelle Bendschneider, said. "As we know, apps and software in general are playing an increasingly important role in businesses. Readify is recognised globally for its innovative software solutions and will further help us create software-led digital transformations with our customers," Ms Bendschneider said.

Readify employs around 200 staff across major Australian cities, including 160 software developers.

 

- the BAF stake was on the books at $2.5mill; also BLA would have a share in its Venture Capital Fund (and has been there as an early investor since 2013). There was talk of IPO to the market this year .... clearly TLS made a better offer.

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Peter Scanlon,Chris Corrigan and Sam Kaplan are using a vehicle called Aware Water to run their bid - according to AFR Street Talk

Heavyweights to step up the water torture on Blue Sky fund

It's understood Aware will call on shareholders to block a plan by Blue Sky Alternative Access Fund to install a new manager which would be more costly to shareholders, with Aware expected to call on investors to liquidate the LIC. That means, upon a wind-up of the LIC, Aware would purchase the water assets at book value.

https://www.afr.com/street-talk/heavyweight...20181111-h17s27

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Elsewhere in the Blue Sky empire, continuity is the order of the day. Unitholders in the Blue Sky Alternatives Access Fund (BAF) are being asked to consider passing on the management of their LIC to a new vehicle, majority-held by Pinnacle Investment Management, to be called Alterum.

 

But almost a third of new management company will be owned by those currently tasked with managing BAF, including its just-resigned executive chairman Andrew Champion. He's currently roadshowing the whole shebang, and will own a full quarter of Alterum post-EGM (and become one of its directors), while portfolio analyst Adam Sharplin will own another 5 per cent. Both have been employees since the LIC's inception, including in FY18 when performance was, according to the LIC, "disappointing and below expectations".

 

Clearly they believe in second chances at Blue Sky. Though we do wonder if their unitholders do too ...

AFR
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The stoush for control of the $200 million Blue Sky Alternatives Access Fund has escalated, with Geoff Wilson, whose proposal to take over as manager was spurned in favour of Pinnacle Investment Management, demanding investors vote against the re-election of the listed company's directors.

 

In a letter circulated to major shareholders, Mr Wilson's Wilson Asset Management take aim at a significant increase in directors' fees ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ from $140,000 to $250,000 ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ that Blue Sky Alternatives Access Fund is putting to its annual general meeting on Thursday.

 

Geoff Wilson has recommended shareholders block the re-election of Blue Sky Alternatives Access Fund's directors. He urges shareholders also vote against the re-election of directors Paul Masi and Peter Wade.

 

Pinnacle's move to take over as the fund's manager from Blue Sky Alternative Investments is being supported by the Access Fund's former chairman Andrew Champion.

 

A vote is due in mid-December, with Mr Wilson's proposal not being put to shareholders...

any premium, Geoff?
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BAF independent non-executive directors have received a letter from Pinnacle Investment Management

 

Group Limited (ASX: PNI) advising that as a result of recent developments Alterum Investment

 

Management Pty Ltd (Alterum) is no longer seeking to be appointed as manager of BAF.

- door open for Wilson?

 

............... AGM today :=> board spill??

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one way to spin it:

The BAF board has received the attached letter from WAM in respect of WAMÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s proposal to be appointed as manager of BAF.

 

As previously announced, the newly constituted board of BAF is working towards finalising BAFÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s investment manager arrangements.

 

As part of that process the BAF board will have due regard to this latest correspondence received from WAM.

Nil premium, but at least some continuity for investors. SP perked up on the news that the dancecard has a slot still.

 

and continuing with the daily share buyback - even when it ran up to 95c a share.

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from GVF - Global Value Fund - November update

One of the fundÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s larger investments at present is a holding in Blue Sky Alternatives Access Fund (BAF), an Australian LIC that invests into a diverse portfolio of private equity and alternative assets.

 

While there has been a significant amount of negative press surrounding the asset management company, Blue Sky, we believe the underlying assets within BAF represent a very different proposition. GVF has accumulated its position in BAF at an average discount to NTA of 27%, a level that in our view represents highly compelling value.

 

November saw considerable corporate activity at BAF, culminating in the removal of both the Chairman of the Board and one of the companyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Independent Directors.

 

The removal of directors is an action that we only ever pursue reluctantly when, in our view, attempts at more reasonable options have been exhausted.

 

We look forward to working productively with the new Directors.

- opportunistic, but no guarantee the discount can be shrunk meaningfully, let alone returned to around NTA
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