The withdrawal came following Blue Sky’s breach of its $47.7 million loan from Oaktree Capital Management last week.
The fund told shareholders it was considering options including terminating its management services agreement with Blue Sky and the current manager BSAAF Management, along with other possible actions under the contract and a wind-down.
Wilson, however, remains committed to progressing the deal, although Blue Sky said the Sydney-based investment house’s interest is subject to further clarity around its debt restructuring outcome and its ability to manage the existing underlying investments in the Access Fund portfolio.
The fund alerted shareholders on Tuesday that it would be ceasing deployment of its capital until further notice.
Wilson won control of the Access Fund in October last year, after Blue Sky had appointed Pinnacle Investment Management as a new manager for the fund.
Blue Sky had said it was planing to stop running the fund due to cost concerns.
The Brisbane-based investment manager told shareholders it would be ceasing the discussions with Wilson on Friday, before the Sydney asset manager had been formally informed.
The fund’s shares closed at 72 cents on Friday. Blue Sky’s shares ended the week at 19 cents, down from its prior price of 22 cents on Wednesday.
