Former Blue Sky boss Rob Shand in business with son of Flight Centre boss Graham Turner

WE had wondered what the former boss of Blue Sky Alternative Investments had been up to since he quit the embattled Brisbane fund manager in April. He’s gone into business with the son of one of Queensland’s most prominent businessmen.

Rob Shand quit as boss of Blue Sky Alternative Investments in April. Picture: Lyndon Mechielsen

TAKEN FOR A RIDE

WHO knew that Rob Shand had a passion for cycling and is now in business with the son of Flight Centre boss Graham “Skroo’’ Turner?

Well, it’s true.

City Beat wondered what the former Blue Sky Alternative Investments boss was up to since he quit the embattled Brisbane fund manager abruptly in April.

Shand bailed out after the firm’s share price tanked in the face of withering criticism from US-based short seller Glaucus, which alleged Blue Sky inflated asset values, misrepresented fund performance and shafted investors with high fees.

Since then, it’s all gone quiet and Shand has kept a very low profile in the western suburbs, where he’s just done a noteworthy property deal (more on that later).

But it turns out that Shand still has a paying gig with Pedal Group Pty Ltd, the umbrella entity that owns the 99 Bikes chain of stores and bicycle wholesaler Advanced Traders.

Matt and Graham Turner at the Fortitude Valley 99 Bikes store. File picture

orporate records show Shand took on the director’s job in September, well before things went completely pear-shaped at Blue Sky.

He is one of five directors of the entity, along with Matt Turner, who launched the 99 Bikes concept back in 2007 and still runs the enterprise. Flight Centre retains a half-stake in Pedal Group, which also includes Graham Turner’s private family entity Gainsdale Pty Ltd as a major shareholder.

We were keen to learn how Shand could add value to the group and whether the Blue Sky train wreck had changed the mental calculus for Pedal Group stakeholders. But neither Shand nor Matt Turner returned our calls seeking comment yesterday.

ACREAGE DEALS

MEANWHILE, as Blue Sky shareholders keep feeling the pain, it’s emerged that Shand just offloaded his Pullenvale acreage property for about $1.5 million to none other than Scott Murdoch. You will recall that Murdoch is the Morgans analyst in Brisbane who was among the biggest cheerleaders for Blue Sky.

As late as last month, he was still taking a softly approach, telling clients merely that “it will take time for the dust to settle’’. Well, no kidding. Morgans stopped covering Blue Sky last month, but it played a huge role in pumping up the funds group over the years. It was the brokerage house that flogged $1 shares ahead of the Blue Sky IPO back in 2012 and it also just helped the firm raise $100 million in March at $11.50 per share.

The stock closed at a paltry $1.68 yesterday and Murdoch didn’t return a call to us. As for Shand’s New Residence, he’s moved on to bigger and better digs in Brookfield, where he
shelled out $2.5 million for a lavishly appointed acreage spread. It includes a pool, tennis court, dressage arena, paddocks and stable.

INSIDER TRADING

A GOLD Coast bizoid faces a long stay in the iron motel if convicted of alleged insider trading.

The corporate cop revealed this week it had charged former Healthe Care executive Greg Campbell with three counts of insider trading related to the takeover of Pulse Health.

ASIC alleges that the Bundall resident applied for 650,000 shares in Pulse in October 2016.

He ended up snaring almost 400,000 just a day before Pulse announced it had received a takeover bid from Healthe.

Healthe, which is one of Australia’s biggest hospital operators, eventually acquired 13 hospitals from Pulse for $155 million in May last year.

Campbell did not enter a plea to the charges, each of which carry a maximum of 10 years behind bars.

The case was adjourned to October 19.