May 7, 2018 / 12:37 AM / 2 years ago

Blue Sky Alternative Investments withdraws FY18 outlook, chairman to step down

May 7 (Reuters) - Australian investment manager Blue Sky Alternative Investments Ltd withdrew its earnings guidance for the financial year 2018 on Monday and said its chairman would step down once a successor is appointed.

The firm also announced Chief Investment Officer Alexander McNab’s retirement and said it intended to name Chairman John Kain’s replacement by the annual general meeting scheduled for Oct. 15.

U.S. short-seller Glaucus Research Group’s announcement of its short position on Blue Sky in late March, claiming the company had overstated its size and over-valued assets, has triggered a sharp decline in Blue Sky’s market value.

Blue Sky said at the time that the claims were incorrect and misleading, with then Managing Director Robert Shand adding that the company stood by its reporting practices. (Reporting by Aaron Saldanha in Bengaluru; Editing by Stephen Coates)

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