Blue Sky Announces The Appointment Of Chief Executive Officer

Blue Sky Announces The Appointment Of Chief Executive Officer

Blue Sky Alternative Investments Limited (ASX: BLA) is a diversified fund manager of alternative investments. The Company specialises in providing ‘expansion capital’ to rapidly expanding Australian companies. Blue Sky Alternative Investments invests across Private Equity, Private Real Estate, Hedge Funds, and Water alternative asset classes.

The company, today on 13 March 2019, has come up with the announcement of the appointment of Mr. Joel Cann as the Company’s Chief Executive Officer. Mr. Cann’s appointment will commence on 15 April 2019 and completes the Company’s new executive team.

Commenting on Mr. Cann’s appointment, Mr. Andrew Day, the Company’s Executive Chairman said: “The Board is excited to welcome Joel as CEO. We are confident that Joel has the right combination of experience in asset management and rebuilding businesses to lead the Company through its next transition.” Commenting on his appointment, Mr. Cann said: “I am looking forward to rebuilding market confidence in the Company’s ability to drive strong returns for its investors. In the short term, the priorities are to continue to strengthen business processes while building solid momentum in the Company’s core business units.” Mr. Day will revert to the role of non-executive Chairman from 15 April 2019, which will bring the composition of the Company’s board to majority independent, non-executive directors.

Mr. Cann has had a thirty-year career in Australia, Europe, and North America in public and private equity investment, financial services and family office management. Mr. Cann has worked in global fund management at several institutions across multiple asset classes including real estate, retirement, tourism & hospitality, student accommodation, infrastructure, agriculture, mining & resources, and technology. Most recently, Mr. Cann was the Chief Executive Officer at Aspen Group where he was appointed to rebuild the group and its portfolio. At Aspen, Mr. Cann successfully executed a revised acquisition strategy, while restructuring the organization and its operational capacity. Mr. Cann has also held leadership roles at Aberdeen Asset Management and JP Morgan in London and family office AMB Capital Partners in Sydney.

The company has recently provided the outlook in its investor presentation. As per the same, the management will continue to address the Company’s cost base to align with recurring management fee revenues. The management will also focus on the rebranding of the business to reflect its new discipline, focus and approach. The company will continue the deployment of funds in Real Assets, Private Equity and selected Private Real Estate projects.

On the price-performance front, the stock has posted the YTD return of -25.44%. The company also has posted returns of -60.25%, -31.25% & -30.77% over the past six, three & one-month period respectively. At the time of writing (13 March 2019, AEST 04:00 PM), the stock of the company is trading at a price of $0.66, up 4.762% during the day’s trade with a market capitalization of ~$ 48.96 Mn. The stock opened the day at $ 0.645, touched day’s high of $ 0.690 and touched the day’s low of $ 0.635, with an average daily volume of ~ 411,281. It had a 52-week high price of $ 12.390 and a 52 weeks low price of $ 0.620, with an average volume of, 247,236 approximately.

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