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BLA, BLUE SKY ALTERNATIVE INVESTMENTS LIMITED
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%



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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: 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  
 
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)
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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: Feb 12 2019, 08:35 PM
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Thanks: 1962


"Proof of Life" documents supplied to ASX, company rises 40% off it's parlous state.



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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: 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: 5,400
Thanks: 1962


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
 


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



--------------------
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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Posts: 5,400
Thanks: 1962


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.



--------------------
"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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Posts: 5,400
Thanks: 1962


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  
 
 


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