Brisbane firm Blue Sky to raise USD25.59 million through share sales

By VCPOST Staff Reporter

Dec 03, 2013 11:52 PM EST

Brisbane-based publicly traded company Blue Sky Alternative Investment Ltd plans a USD25.59 million fundraising through a series of share sales. The said sales have already raised USD18.98 million, wrote Business Spectator.

Managing director Mark Sowerby says the private equity fund aims to attract more institutional investors while reinforcing the balance sheet of the firm, the report said.

The net proceeds from the equity financing will be USD24.5 million. Morgans Corporate Ltd and Shaw Corporate Finance are managing the stake sale. Blue Sky is pricing the shares at USD1.50 apiece, a 18% discount to its closing price on Friday, the report detailed.

The company was founded by Sowerby in 2005. He says the firm's funds have made a 15.7% net annual returns over seven years. Blue Sky's funds invests in four asset classes including real estate, private equity, water and a hedge fund, Business Spectator reported.

Sowerby said: "They have to make such returns because we're dealing in illiquid investments."

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