Blue Sky to recommend Alterum’s proposal

Company News

by Anna Napoli

Blue Sky Alternatives Access Fund (ASX:BAF) has provided further information about Wilson Asset Management's proposal to act as its manager.

Last month the investment fund put forward a proposal to manage Blue Sky's listed hedge fund.

Wilson is now prepared to extend the scope of services it will provide to match the services provided by rival Alterum under its proposal.

The Wilson management services agreement has also been amended to provide for a fee-free period in respect of Blue Sky managed assets.

But, Blue Sky says while it welcomes the changes, the key point of difference between the two proposals is that the Alterum management team maintains a deep working knowledge of its current investment portfolio.

Blue Sky's independent non-executive directors says subject to receipt of a third party superior proposal
they intend to put the Alterum proposal before shareholders for consideration at an Extraordinary General Meeting next month.

Alterum Investment Management is an affiliate of Pinnacle Investment Management established to manage Blue Sky's assets from the start of next year.

Shares in Blue Sky Alternatives Access Fund (ASX:BAF) closed flat at 86 cents yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.