Ann: Blue Sky H1 FY19 Results Update, page-60

Ok, I have a meeting this morning and don't have time to really dig into the financials however this from the media release:

"The Private Equity business completed three investment exits (totalling $10.5 million capital invested) during 1H FY19 and commenced further exit processes for four investments (totalling $30.0 million capital invested)"

Plus the following update on NTA:

31 December 2018 = Underlying Net Tangible Assets (‘NTA’) was $101.3 million as at 31 December 2018 ($1.30 per share), which included a negative adjustment of $25.1 million resulting from the Company’s adoption of AASB 15 from 1 July 2018

30 June 2018 = Underlying net tangible assets (‘NTA’) of $152.4m ($1.97 per share) at 30 June 2018, or $131.4m ($1.70 per share) following the estimated impact of new accounting standard AASB 15 from 1 July 2018

So in 6 months 40 million has disappeared out of the bank account AND NTA has dropped by 30 million

So on that basis, the cash definately cannot be going to co-invest in funds because if they were it would end up on the balance sheet as an asset and form part of the NTA.