Blue Sky Alternatives Access Fund Ltd. initiated a trading halt in response to Blue Sky Alternative Investments Ltd.'s withdrawal of its commitment to transition the company's management services to Wilson Asset Management (International) Pty. Ltd.
Blue Sky Alternative Investments has yet to state its reason, according to Blue Sky Alternatives Access Fund, but it has expressed concerns on the control of the underlying closed-end funds that it manages and would cease negotiations with Wilson Asset Management.
The board of Blue Sky Alternatives Access Fund deems that the transition arrangement under Wilson Asset Management's proposal favors its shareholders and unit holders of the Blue Sky Alternative Investments-managed underlying funds. Wilson Asset Management also told the board that it is still committed to its proposal, subject to Blue Sky Alternative Investments' re-engagement, among other conditions.