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BLA, BLUE SKY ALTERNATIVE INVESTMENTS LIMITED
blacksheep
post Posted: Nov 2 2019, 07:11 PM
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Former Director Elaine Stead explaining (in her mind) why BLA failed. Mind you not all companies that have been targeted by short sellers fail. There has to be a good reason for that to happen and MSM has an obligation to cover All the facts.

The mainstream media sneers at success and revels in failure — and it feeds a culture of mediocrity
ELAINE STEAD / Thursday, October 31, 2019

QUOTE
I’m also forever synonymous with the failure of the public company Blue Sky — as a board member at the time of an activist short selling attack, and as a business unit leader in the months following, during our attempt to stabilise the ship. Blue Sky failed for three main reasons: our growth rate prior to the attack, combined with an activist short seller attack which was false, misleading and deceptive, and the board’s mistakes in the wake of the attack. I wear part responsibility for at least one of these three reasons.


read more - https://www.smartcompany.com.au/startupsmar...orting-failure/



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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 1 2019, 02:38 PM
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BAF slowly recovering (or at least reducing the discount the market has given it). It has paid a 4c ff dividend recently, and taken in cash for student accom (above carrying). The company came out with a statement on 29 Oct stating it continues to be concerned about the disconnect between current market valuation and underlying value of assets held.

With a NTA of $1.11 per share, this includes pro forma cash of 29c and water fund (independently valued every month) at 34c; this leaves the rest of the assets (some dodgy, some doing OK) basically valued by the market at 36% of what they are, on the books.

Of course, some see this as an opportunity; Global Value Fund now has >5% holding, and its manager has recently joined the board.
QUOTE
GVF first invested into BAF in May 2018, following the release of highly critical short seller report, aimed at the management company, BLA. In the aftermath of the short-sellers report, and after extensive due diligence, GVF purchased shares in BAF as wide as a 37% discount to NTA. In May 2019, BLA had receivers and administrators appointed. In June 2019, GVF Portfolio Manager, Miles Staude, accepted an invitation to join the BAF board....

- and then Geoff Wilson is hovering, and has
QUOTE
reiterated his intention to negotiate a successful takeover of the Blue Sky Alternative Access Fund despite stalled talks, and dismissed any residual reputation damage associated with the troubled Blue Sky brand. "Oh, we'd rebrand it," he said.


So, where now? London based Staude is in the country; the team at BAF is moving ahead, glacially perhaps, as it tries to match the tough guys (Oaktree, Korda, even Wilson)
QUOTE
The Board fully appreciates that the Company’s association with the BLA group has been challenging, that for the last 18 months or more shareholders have endured substantial loss of value and frustration through that association, and that the process for the appointment of a replacement manager has taken far longer than would reasonably be expected. Given this, if the Company is unable reach a satisfactory agreement with the relevant parties in the near future, the Board will consider other options.

These have been outlined to shareholders previously, and include:
- an orderly wind-down of BAF and return of capital to BAF shareholders;
- termination of the exclusive management services agreement between BAF and its manager, BSAAF Management Pty Limited (BSAAF) for breach by BSAAF;
- other possible actions under the MSA; and
- additional capital management initiatives.

Until there's news, perhaps a discount IS warranted?



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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: Jul 30 2019, 07:32 PM
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QUOTE
KordaMentha said a review had been completed and would result in a restructure of Blue Sky. First would be a transfer of Blue Sky’s “real assets” business – water and agriculture funds – to a subsidiary of funds managed by Oaktree.

This subsidiary was then expected to work with a new entity called Argyle Capital Partners, which would be “majority owned by Kim Morison”, KordaMentha said in a sharemarket announcement to Blue Sky investors. Mr Morison and his team would oversee investment management operations of the real assets business.

“Subsequent phases of the restructuring will involve the transition of certain assets and subsidiaries from Blue Sky to [Oaktree’s subsidiary], and, in some cases, will involve partnerships with key existing management,” it said. “Other assets will remain in Blue Sky and be realised over time."

The final restructuring could take months or even years, KordaMentha said. While shares would remain suspended, “a return to shareholders is not anticipated based on current expectations”.
https://www.afr.com/companies/financial-ser...20190730-p52c9d



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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: May 20 2019, 10:15 AM
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QUOTE
QUOTE
Blue Sky Alternative Investments Limited today announces that Oaktree Capital Partners, L.P. has appointed Mark Korda and Jarrod Villani of investment and advisory firm KordaMentha as Receivers and Managers of the Company.
ooh la la



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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: Apr 10 2019, 09:03 PM
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In Reply To: nipper's post @ Apr 10 2019, 06:30 PM

I'm sure they would like to take bigger steps to get out, but to do that would do some serious damage to the SP. sadsmiley02.gif

Have reduced again - today's ann showing they now are left with 6.88%



--------------------
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: Apr 10 2019, 06:30 PM
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In Reply To: blacksheep's post @ Apr 9 2019, 09:29 PM

Q. What steps do you take when a company takes on a Convertible Note?

A. BIG ones



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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

Said 'Thanks' for this post: blacksheep  
 

sentifi.com

Share Cafe Sentifi Top themes and market attention on:


blacksheep
post Posted: Apr 9 2019, 09:29 PM
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In Reply To: blacksheep's post @ Oct 3 2018, 10:55 AM

FIL must be getting worried following BLA's recent ann (below) suggesting the covenants under the convertible loan facility with Oaktree "may not be met"? Still hold 8.56% of BLA shares, according to yesterday's change in subholing form
extract AFR article - Fidelity sellers as Oaktree drinks Blue Sky blood
QUOTE
And on Monday, US equities colossus Fidelity started dumping its Blue Sky shares at 46¢, having been a buyer in January 2018 at $14.

https://www.afr.com/rear-window/fidelity-se...20190408-h1daol

QUOTE
1 April 2019
Market Update
Blue Sky Alternative Investments Limited (ASX: BLA) (the ‘Company’) advised on 28 February 2019
that the covenants under the convertible note facility with Oaktree Capital Management, L.P. (‘Oaktree’)
may not be met at 31 March 2019 as the restructuring of the business continues through FY19.
The Company will shortly be in a position to finalise the accounts for the period ending 31 March 2019
in the ordinary course and will provide an update upon completion. The Company continues to have
discussions with Oaktree during this process.

https://www.shortman.com.au/stock?q=bla
Attached thumbnail(s)
Attached Image


 




--------------------
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: Feb 12 2019, 08:35 PM
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"Proof of Life" documents supplied to ASX, company rises 40% off it's parlous state.



--------------------
"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: Dec 11 2018, 01:24 PM
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Looks like another BLA backed start up is is trouble - 150 jobs lost as Thrive restaurants close - Restaurant chain Thrive has been placed into voluntary administration, with 150 employees losing their jobs.
https://www.news.com.au/finance/business/br...a94a6cd0fbfbd6f

Didn't last long

extract from article dated September last year
QUOTE
Why Blue Sky is investing $10 million in gluten-free food venture Thr1ve
ANGELA CASTLES / Thursday, September 28, 2017
Blue Sky Venture Capital is backing the future of farm to table, health-conscious food offerings, after pumping $10 million in to gluten-free food venture Thr1ve.

Founded in 2012 by entrepreneur Josh Sparks, Thr1ve has grown to a chain of gluten-free restaurants in 10 locations along Australia’s east coast, and will use the funds to expand its low-carbohydrate healthy-eating offerings.

This $10 million cash injection will be used to build an e-commerce platform that ties together the company’s physical stores, its existing at-home meal delivery, and a diet and exercising program created by founder and chief Sparks, who has previously held leadership roles at fashion brands sass & bide, Urban Outfitters and Thom Browne New York.

For Blue Sky’s head of venture capital Elaine Stead, it was the company’s “holistic approach” to healthy eating trends that attracted the venture capital fund’s investment.

“One of the sectors that really interests us … is farm to table — we’ve got about six investments in the food space,” Stead tells StartupSmart.

“One of the things we really noticed is the market tailwind behind the shift to food where you know what its nutritional benefit is, [as well as] food that’s sensitive to a person’s dietary requirements,” she adds.

Stead says Thr1ve was “another expression of that [healthy-eating ethos] on the retail side,” adding that its nutrition-first approach was “one of the cool reasons why we really liked it”.

“Josh who is the entrepreneur and founder is amazing — he’s so dynamic and has such a strong vision for the business, he always wanted to make it more than just a healthy fast food alternative,” Stead says.

https://www.smartcompany.com.au/startupsmar...venture-thr1ve/



--------------------
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 16 2018, 08:29 AM
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Posts: 6,325
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QUOTE
Blue Sky Alternative Investments will finally have to face its unitholders on Monday in Brisbane. And not a moment too soon. After it cancelled its annual investor day, citing the business' ongoing "restructuring", it'll be the first, public and no doubt rowdy opportunity for rank-and-file investors to grill the team that's led them to where they are today, invested in a business worth a tenth of what it was when Glaucus lobbed its short thesis.

Unfortunately, founder Mark Sowerby and successor Rob Shand are long gone. But chairman John Kain is still around. The Adelaide corporate lawyer (and Liberal state party president) is even up for re-election on the ballot paper. No doubt he'll use the meeting to (finally) announce his replacement as chairman.
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
 
 


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