- Blue Sky advised the ASX it received a notice from ASIC in a statement titled “Response to Media Speculation”.
- Shares in the company have now fallen more than 90% from their high.
Embattled asset manager Blue Sky (BLA) today confirmed that it received an information request by the corporate regulator ASIC last month.
Blue Sky said it received a Section 33 notice from ASIC on June 13, for the purpose of confirming compliance with section 674 of the Corporations Act.
Section 674 deals with continuous disclosure requirements for listed entities. The period under review is from 1 January 2016 to 12 June 2018.
“The ASIC notice states that it should not be construed as an indication by ASIC that a contravention of the law had occurred, nor a reflection on any person or entity,” Blue Sky said in a statement to the ASX.
The market responded negatively to the news, and Blue Sky finished the day another 14.96% lower at $1.45.
The statement was titled “Response to Media Speculation”, following a report in the AFR over the weekend which said ASIC had requested internal ledgers maintained by the company for the period in questions.
Blue Sky said it is “fully cooperating with this request for information”.
The company also said it had reported two breaches to ASIC — one in May and one in June — concerning its Blue Sky Private Equity 2010 Institutional Trust.
One breach related to incorrect lending limits in the Trust Deed, and the other was a misstatement of dividend imputation credits in the Trust’s 2013 distribution.
Blue Sky said neither breach resulted in any losses for unit holders of the trust.
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