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BAF, BLUE SKY ALTERNATIVES ACCESS FUND LIMITED
nipper
post Posted: Feb 14 2019, 02:05 PM
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Posts: 5,224
Thanks: 1924


QUOTE
The pre-tax NTA of the Alternatives Fund increased by 2.3 cents per share, or 2.1%, to $1.1308 per share in January.

During the month, the Alternatives Fund continued the share buyback program and acquired an additional 335,459 shares at an average price of $0.89 representing a 21% discount to January’s pretax NTA. The buyback will recommence following lodgement of this report.

I refer to the BAF Board’s update on management arrangements of 14 January 2019. There has been only limited progress since, but BAF continues to work with Blue Sky Alternative Investments Limited (BLA) and its newly constituted Board as it considers a change of manager to Wilson Asset Management. The BAF Board’s intentions are unchanged, and we continue to work to get to a position where we can provide BAF shareholders with an opportunity to vote on a proposal to change manager at an extraordinary general meeting as soon as possible...
.... market not pricing in this? (but then, glacial progress and unconvincing narrative with lingering valuation questions)



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jan 14 2019, 03:36 PM
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Posts: 5,224
Thanks: 1924


QUOTE
Blue Sky Alternatives Access Fund says it is making progress with Wilson Asset Management on WAM’s proposal to take over the management of its fund.

Alongside that, it today told the market director and past chairman Andrew Champion had resigned, with the search now on to fill the his role on the three-man board.

“The BAF Board is also working with BSAAF Management (Manager) and the Board of Blue Sky Alternative Investments Limited (BLA) to advance their consideration, and requisite approval, of the WAM proposal,” it said. “It remains the BAF Board’s intention to put the WAM management proposal to an Extraordinary General Meeting in early 2019.”

The remaining directors of the Manager are Kim Morison and Tim Wilson




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Dec 17 2018, 03:39 PM
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Thanks: 1924


from GVF - Global Value Fund - November update
QUOTE
One of the fund’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 company’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



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Dec 7 2018, 01:34 PM
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Posts: 5,224
Thanks: 1924


one way to spin it:
QUOTE
The BAF board has received the attached letter from WAM in respect of WAM’s proposal to be appointed as manager of BAF.

As previously announced, the newly constituted board of BAF is working towards finalising BAF’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.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Nov 29 2018, 09:05 AM
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Posts: 5,224
Thanks: 1924


QUOTE
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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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Nov 26 2018, 03:56 PM
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Posts: 5,224
Thanks: 1924


QUOTE
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 — from $140,000 to $250,000 — 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?



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 


nipper
post Posted: Nov 16 2018, 08:32 AM
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Posts: 5,224
Thanks: 1924


QUOTE
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



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Nov 13 2018, 11:45 AM
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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
QUOTE
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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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Nov 9 2016, 09:09 AM
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In Reply To: nipper's post @ Oct 18 2016, 09:58 AM

48% take-up of rights @ $1.10

- BAF has to date received strong indications of demand for the 22,090,078 New Shares available under the Shortfall Facility.






--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Oct 18 2016, 09:58 AM
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Posts: 5,224
Thanks: 1924


BAF has a 1 for 3 non-renounceable entitlement at $1.10 to raise $47mill

There is a top up facility, and usual suspects there to hoover up scraps. Can buy on market today to gain exposure (trading around 1.15)



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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