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BLA, BLUE SKY ALTERNATIVE INVESTMENTS LIMITED
blacksheep
post Posted: Nov 13 2018, 11:46 AM
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In Reply To: nipper's post @ Nov 13 2018, 11:28 AM

Thanks - wrong thread - now posted under BAF smile.gif



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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 13 2018, 11:28 AM
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In Reply To: blacksheep's post @ Nov 13 2018, 10:56 AM

That's BAF the listed "alternatives" , not BLA. It seems to be more transparent in that BAF is a sum of assets, not sum of management fees.

The water fund would be the "jewel in the crown" .... but Duxton, D2O, is probably a cleaner ASX exposure.

If BAF does have a NTA around $1.10, it might be best to break it up, sell off the bits and return cash to shareholders. Interesting with Pinnacle, Geoff Wilson and now Corrigan/ Scanlon recognising some value, but the gap hasn't closed (now trading 86c). I suppose that reflects a discount for the time it takes to unwind all those illiquid holdings. Everyone wants a bargain.



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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
 
blacksheep
post Posted: Nov 13 2018, 10:56 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



--------------------
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: Oct 18 2018, 09:33 PM
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and somewhat less histrionic, but equally dooming
QUOTE
Oaktree, the $US120 billion fund manager, agreed to provide Blue Sky with a seven-year note that can be converted to shares that would give it a stake of up to 30 per cent in the company.

But independent expert Grant Thornton determined that the conversion price granted to Oaktree of $1.87, a 56 per cent premium to the share price on October 16, was 'not fair' based on the assessed value of $2.56 to $3.06 on a 'control basis' and between $1.94 and $2.22 on 'a diluted and minority basis'.

Grant Thornton, however, argued the terms were reasonable, as "the advantages outweigh the disadvantages".

The advantages it listed were the fact the capital would allow Blue Sky to continue with business as usual, the process to raise the capital was competitive with no superior proposal, while the conversion price did constitute a premium to the traded price.

The disadvantages were the high dilution if the notes are converted to shares, the fact the proposal is not fair and the fact that Blue Sky may have received a takeover offer in the future. ..




--------------------
"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

Said 'Thanks' for this post: JSB  
 
blacksheep
post Posted: Oct 3 2018, 10:55 AM
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In Reply To: nipper's post @ Sep 28 2018, 11:04 AM

QUOTE
Oaktree transaction / dilution/ salvation/ death squeeze?


According to Joe Aston of AFR - "suffocation" sad.gif
extract
QUOTE
Now Blue Sky wants the market to believe that Oaktree has given it $50 million in breathing space, true only were breathing space a euphemism for suffocation. Oaktree's a vulture fund for crying out loud! When will this mob learn that we're on to their unmistakable bullshit?

The reality: Oaktree immediately takes $1 million of the $50 million as a fee. Then it gets $2.5 million per annum, due in monthly cash instalments, and a further $5 million annually (though accrued quarterly), convertible into Blue Sky shares and which then becomes part of (thus increasing) that cash interest obligation.

These monies owed all assume, of course, that Blue Sky has drawn the full $50 million. But it will. It raised $96.8 million in new capital on March 7. By May 31, it had spent the lot.

Furthermore, Oaktree can convert amounts owing to it into up to 30 per cent of issued Blue Sky shares. Oaktree's shares can never be diluted. And Oaktree can call in the loan (ultimately taking control of the company) if its quarterly tests of Blue Sky's minimum cash balance, minimum recurring cash earnings, minimum net tangible assets and maximum annual capex (the benchmarks of which all remain undisclosed) are breached. People, the fat lady is warming up her vocal chords.

https://www.afr.com/brand/rear-window/oaktr...20181001-h163n9

Current short position @ 26th September, 2018 = 3.75%
https://www.shortman.com.au/stock?q=bla

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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
 
blacksheep
post Posted: Sep 28 2018, 11:11 AM
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Posts: 6,791
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In Reply To: nipper's post @ Sep 28 2018, 11:04 AM

QUOTE
The trading halt is requested pending an announcement by the Company of details of a
material transaction with Oaktree Capital Management which was foreshadowed in prior
announcements;


extract from prior ann

QUOTE
The third breach relates to identified fees or third-party expenses that were allocated to certain Blue Sky
closed-end managed funds in a manner inconsistent with arrangements represented in the disclosure
documents for those funds
.

Blue Sky advises that the aggregate value of identified incorrectly charged fees and/or third-party
expenses was approximately $4.1 million plus GST. These charges were incurred across 65 different
existing closed-end funds in the ten years from FY2007 to FY2017 inclusive and related mainly to
receiving reimbursements for third party expenses not in accordance with fixed annual administrative
expense caps or otherwise not expressly permitted in the respective disclosure documents.

The incorrectly charged fees and expenses mostly pertained to wholesale private real estate and private
equity funds and did not impact any institutional mandates and institutional funds including the Strategic
Australian Agriculture Fund, or open-ended funds including the Water Fund or Hedge Funds.

Blue Sky has commenced reimbursing these charges to the relevant closed-end funds and will complete
that process by 31 October 2018, such that there is no loss to fund investors resulting from incorrectly
charged fees. Investors in these funds will be separately advised of these matters by 31 October 2018.
Blue Sky also today confirms one further identified breach of Blue Sky’s obligations arising from an
external custodian. Blue Sky’s AFSL holder (Blue Sky Private Equity Limited) previously appointed
Australian Executor Trustee Limited (‘AET’) as the custodian of seven of its managed investment
schemes. On 31 August 2018, AET informed its clients that it did not believe it had met its net tangible
asset (NTA) requirements under its own AFSL in June, July and August 2018. Consequently, Blue Sky
was obliged to inform ASIC of this breach on 31 August 2018. AET has subsequently rectified its NTA
breach of its AFSL.




--------------------
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
 

sentifi.com

Share Cafe Sentifi Top themes and market attention on:


nipper
post Posted: Sep 28 2018, 11:04 AM
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T/H . ..... Oaktree transaction / dilution/ salvation/ death squeeze?



--------------------
"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: Aug 3 2018, 04:51 PM
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In Reply To: blacksheep's post @ Aug 3 2018, 04:43 PM

Toss in classic tax loss selling, (it did fall far and fast), maybe it's just a retracement.



--------------------
"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: Aug 3 2018, 04:43 PM
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In Reply To: blacksheep's post @ Aug 2 2018, 12:19 AM

Wonder if Macquarie is pumping this one to break even :biggrin or maybe shorts covering? :up 20.78% @ $2.79/share
https://www.shortman.com.au/stock?q=bla
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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
 
blacksheep
post Posted: Aug 2 2018, 12:19 AM
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Posts: 6,791
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In Reply To: nipper's post @ Jul 30 2018, 05:55 PM

Not what it seems - more like averaging down. Appears they are only some $300,000 away from breaking even. No bonus for the this Mlllionaire Factory trader, I'm guessing. biggrin.gif
Macquarie spends $5.9m to lose $5.8m on Blue Sky -https://www.afr.com/brand/rear-window/macquarie-spends-59m-to-lose-58m-on-blue-sky-20180801-h13ez1



--------------------
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

Said 'Thanks' for this post: early birds  
 
 


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