It wasn't a review event that the announcement referred to. It...

It wasn't a review event that the announcement referred to. It was the covenants, and from their announcement on 1st April (quoted below), the implication is that the covenants breached were financial covenants - otherwise why would they need to finalise the accounts? The fact that it has taken so long for a further announcement to be made implies that the financial covenants were breached and they are in discussions/negotiations with Oaktree.

"Blue Sky Alternative Investments Limited (ASX: BLA) (the ‘Company’) advised on 28 February 2019 that the covenants under the convertible note facility with Oaktree Capital Management, L.P. (‘Oaktree’) may not be met at 31 March 2019 as the restructuring of the business continues through FY19.

The Company will shortly be in a position to finalise the accounts for the period ending 31 March 2019 in the ordinary course and will provide an update upon completion. The Company continues to have discussions with Oaktree during this process."