Blue Sky Meats delisting because trading ‘very limited’

Southern meat processor Blue Sky Meats is delisting from the Unlisted stock exchange next month.

In a note to the market yesterday, chairman Scott O’Donnell said the company intended to delist after the close of market trading on July 5.

The board made the decision due to the "very limited" trading on the USX during the past 12 months and the expectation that would be even further reduced following completion of the takeover offer by Southern Lamb Investments, given the small number of Blue Sky shareholders.

Southern Lamb Investments recently became the new majority shareholder, after making a full takeover offer. Valid acceptances were received for 74.87% of the shares, while NZ Binxi (Oamaru) Foods Ltd owns 19.84% of the remaining shares and 5.29% are owned by 72 other shareholders.

Delisting would support the simplification of the company’s shareholder administration and reduce its costs, Mr O’Donnell said.

Shareholders who wished to sell their shares following delisting could advise the board they wished to do so and the board would look to match willing buyers with willing sellers, he said.

sally.rae@odt.co.nz

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