Blue Sky in capital raising
Alternative investment asset manager, Blue Sky Alternatives Access Fund Limited announced this week it was raising up to $20 million through a one for three non-renounceable entitlement issue of new ordinary shares.
It described the Blue Sky Alternatives Access Fund as Australia's only listed diversified alternatives investment vehicle with the directly-managed portfolio invested across private equity and venture capital, water and agriculture, hedge funds and private real estate.
Commenting on the move, Blue Sky chief investment officer, Alexander McNab said the capital raising represented a chance for investors to increase their exposure to alternatives as value in traditional asset classes became increasingly hard to find.
"Alternatives are becoming mainstream, they are the fastest growing asset class in Australia. The market is starting to understand the benefits of diversification and the increased returns an allocation to alternatives can bring to a portfolio," McNab said.
Under the entitlement offer, eligible shareholders have the opportunity to subscribe for new shares at the issue price of $1.00. The company said this represented a discount of 9.4 per cent to the ten day volume weighted average price (VWAP) of the company's shares traded on the Australian Securities Exchange over the ten days up to and including 10 April 2015.
The entitlement offer closes at 5pm AEST on Friday 1 May 2015.
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