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Brisbane 's own Blackstone, Blue Sky Alternative Investments, came out swinging on Tuesday morning, vowing it "categorically rejects any suggestion that its activities in Australia' s water markets … are illegitimate, lack of process and governance, or are inconsistent with principles of the National Water Initiative to promote markets to allow water to trade to their highest and best use. The company's shares finished up 6.6 per cent, recovering some of their steep Monday losses.
But what Blue Sky's a rebuttal actually would have to do (a literally) within a bull's roar of the Murray -Darling's receding bank.
Blue Sky's chief Kim Morison told this newspaper, "probably about 25" (or 8.3 per cent) hundred) of 300 types of those rights. From which it could be deduced that total trading concentrated in just 8.3 percent of contract types was something in the vicinity of a shitload.
Yet the company protested to the ASX on Tuesday morning that its "total deployment in six years since the inception of the Water Fund … represents only 2.2 per cent of the value of the water in the various areas of the world. Darling Basin's water markets since 2012, "Some water entitlement and water allocation are conducted with specific irrigation co-operatives and those trades are not necessarily registered with state government registers." The fund's team, too, has over 100 years of experience in agricultural industries. We wonder whether they've got 50 two-year-olds or 25 four-year-olds looking after this one.
This mob is truly beyond shame. Days ago, it was claiming to soak up as much as a fifth of all bundled Australian water badets. That being terrifyingly inconvenient, it's now supposedly a H2O market minnow, tiny claiming. Were they telling the truth last week, on Tuesday, or on the occasion?
Again, this is another protest statement, full of answers to questions asked about the market is asking. And like Blue Sky's first indignation to Glaucus in April, in which it invoked the authority of its auditor Ernst & Young and its investment partner, Goldman Sachs' special situations fund, this time we were force-fed the names of other firms Blue Sky IOOF, Link Fund Solutions, Kilter Rural and Aware Water Group. Their inclusion in the statement was entirely irrelevant. Here's a freebie: all listed corporate failure in history has had prestigious and / or self-important auditors, lawyers, investment bankers, commercial partners and, indeed, directors.
Key Investors in the Murray-Darling Basin share water entitlements on one bulk deed and then trade your percentage of it. None of their trading volume is public, and so that's the (material) part of the market Blue Sky, which counted it on Wednesday, has suddenly decided to exclude from its latest portrayal of itself on Tuesday. Any argument that Blue Sky's Water Fund is not the creator and looming victim of a price bubble in the limited types of water buys (but, again, by its own admission, never sells), is specious, given their cantilevered value since The Eagle Street Brigade entered that market, especially with First State's Super mandate from June 2015.
Honestly, the more these guys say, the more certain we are that Blue Sky is a dead-set donut.
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