BAF’s Manager BSAAF To Deploy An Additional $10M of the BAF’s Portfolio Into Strategic Ag Funds

  • Dec 31, 2018 AEDT
  • Team Kalkine
BAF’s Manager BSAAF To Deploy An Additional $10M of the BAF’s Portfolio Into Strategic Ag Funds

The investment company, Blue Sky Alternatives Access Fund Limited (ASX: BAF) disclosed to the market that its manager BSAAF Management Pty Ltd (BSAAF) has resolved to deploy an additional $10 million of the company’s portfolio into the Blue Sky Strategic Australian Agriculture Fund (Strategic Ag Fund). Following this news, the share price of the company decreased by 2.326 percent as on 31 December 2018.

This decision is in line with BSAAF’s longstanding intention to increase the company’s investment in the Strategic Ag Fund at final close. This takes BAF’s total investment in the Strategic Ag Fund to $25 million which represents around 20 percent of the Strategic Ag Fund’s committed capital.

Earlier on 14 December 2018, the company reported Net Tangible Assets (NTA) per share of $1.1103 for November 2018 which is higher than the NTA per share of $1.1087 in October 2018. The increase in NTA was mainly driven by a positive month for the Blue-Sky Water Fund and the impact of the share buyback program which was continued throughout November, acquiring 1,267,894 shares at a weighted average 23 percent discount to November’s pre-tax NTA.

On 29 November 2018, the Company held its Annual General Meeting (AGM) at which a sizable number of the company’s shareholders voted against the re-election of two of BAF’s three independent nonexecutive directors. Accordingly, Mr. Paul Masi and Mr. Peter Wade retired from office at the conclusion of the meeting, alongside executive director Mr. Andrew Champion who had earlier announced that he would not be standing for re-election. Two new non-executive directors Mr. John Baillie and Mr. Kym Evans replaced Mr. Paul Masi and Mr. Peter Wade.

Earlier, the company has entered into an agreement with Alterum Investment Management Pty Ltd (Alterum) which is a subsidiary of Pinnacle Investment Management Group, to appoint Alterum as manager of the BAF portfolio with effect from 1 January 2019. To facilitate this proposal, the company also entered into an implementation deed with Blue Sky Alternatives Investments Ltd (BLA) to terminate the management services agreement between them.

However, after noticing that the considerable number of BAF shareholders voted against the re-election of independent directors who previously recommended the Proposal to BAF shareholders, Pinnacle and Alterum terminated the Management Services Agreement and withdrew the Proposal.

As per today’s (i.e., 31 December 2018) announcement, the Company’s Board notes that the management services agreement between BAF and BSAAF continues to operate in accordance with its terms. Further, the conditional implementation deed and management services agreement regarding the Alterum management proposal will cease to have any effect from midnight of today’s evening.

BAF’s shares traded at $0.840 with a market capitalization of circa $176.05 million as on 31 December 2018 (AEST 3:25 PM).


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