Blue Sky has gone into a trading halt as it prepares to announce the results of a review of the value of its assets.
“The trading halt is requested pending an announcement to be made in respect of the outcome of the review of the company’s business and balance sheet,” the company told the ASX.
The funds manager has been under pressure since Glaucus Research announced it was shorting Blue Sky, alleging the funds manager wrongly calculated the value of assets under management and charged exorbitant fees.
Blue Sky rejected the allegations and referred the Glaucus note to the corporate regulator ASIC, saying this could be a case of market manipulation.
The chaos that followed the Glaucus Research announcement claimed the scalp of Blue Sky CEO Rob Shand, along with chairman John Kain and other members of the board.
Blue Sky announced in mid-April that it would conduct an independent valuation review for each one of its 93 assets.
The process has resulted in write-downs on some of its managed investments, with student accommodation projects hardest hit.