The CEO and Managing Director of Blue Sky Alternative Investments Ltd (ASX: BLA), Robert Shand, has resigned according to an ASX filing on Monday.
Kim Morison has been appointed as Blue Sky’s interim Managing Director.
What’s Going on?
Blue Sky first hit news headlines when US-based Glaucus published a very negative report on Blue Sky’s investment prospects.
John Kain, Blue Sky’s Chairman, said: “In offering his resignation, Robert agreed that as Blue Sky rebuilds market confidence, it was in the best interests of the company, its shareholders and its investors for Kim to take over as interim Managing Director. Kim has been Managing Director of Blue Sky Water Partners and Head of Blue Sky’s Real Assets business since 2010″.
Mr Morison said he would work on rebuilding market confidence in Blue Sky’s investment businesses, on delivering returns for shareholders and fund investors and acting on the Board’s commitment for greater transparency.
Blue Sky will accelerate initiatives to re-calibrate Blue Sky’s income mix toward a greater reliance on recurring cash income. – Morison
Today’s news does not appear to have settled investor nerves, with the Blue Sky share price trading down another 4.48%, according to Google Finance.
Did you know it’s free to join The Rask Group’s Investor Club Newsletter? It’s a regular (usually weekly) news and educational update on financial markets, investing and unique strategies. Join today and get ready to laugh and learn.
Click here to join The Rask Group’s Investor Club Newsletter Today
Hey, you, read this disclaimer: This article contains information only. It is not financial advice. It is no substitute for trusted and licensed financial advice and should not be relied upon. By using our website you agree to our Code of Ethics, Disclaimer & Terms of Use and Privacy Policy. Also, don’t forget, past performance is not a reliable indicator of future performance.