BLUE SKY RAISES $20M IN RIGHTS ISSUE

Written on the 22 May 2015

BLUE SKY RAISES $20M IN RIGHTS ISSUE

BLUE Sky Alternatives Access Fund Limited (ASX:BAF) is set to explore new investment opportunities after raising $20 million in a one for three rights issue.

The capital will be used to build on the listed investment company's (LIC) managed portfolio of alternatives across private equity and venture capital, water and agriculture, hedge funds and private real estate.

Blue Sky chief investment officer Alexander McNab (pictured) says alternatives enhance the risk and return characteristics of a portfolio.

"Alternative assets have the potential to enhance returns, and with the share market and property valuation looking stretched, the diversification alternative assets provides is key to reducing a portfolio's volatility and correlation to traditional markets," McNab says.

"The LIC gives investors the opportunity to invest in alternative assets through an ASX-listed structure that is more readily accessible and liquid than typical alternative assets.

"We have a strong pipeline of investment opportunities across a wide variety of alternative assets."

The new shares will be eligible to receive any dividends announced in the remainder of FY15. The board anticipates a partially franked two to three per cent per unit dividend, subject to investment performance.

Ord Minnett Limited and Morgans Corporate Limited acted as joint lead managers for the non-renounceable entitlement offer.

The capital is expected to be fully deployed in the next three months.

Blue Sky Alternatives Access Fund Limited is managed by a wholly-owned subsidiary of Blue Sky Alternative Investments Limited (ASX:BLA).


Latest News

SIRTEX CEO DISMISSED FOLLOWING SHARE TRADING PROBE

SIRTEX Medical Ltd (ASX: SRX) has sacked its chief executive officer, Gilman Wong (pictured), following an investigat...

SANTA DELIVERS KOGAN A GIFT

KOGAN.COM (ASX: KGN) has exceeded its expectations and reported another strong quarter of trade.

The online retail...

FOUR WAYS YOU SHOULD PROTECT YOUR IT SYSTEMS FROM EXTREME WEATHER

SHANNON Overs, co-founder of onPlatinum ICT, sees it too often, perhaps half a dozen times per year businesses tha...

IOT GROUP ORDERS FIRST PRODUCTION OF ROVA DRONE

IOT Group (ASX:IOT) has ordered production of 40,000 units of the ROVA flying selfie drone from Chinese technologies ...

Related News

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

FEMALE ENTREPRENEURS GET SPRINGBOARD TO GROWTH

DESPITE the fast-growing number of women studying STEM subjects at school and university, women continue to be und...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter