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Southern Lamb Investments shareholder Andrew Lowe has agreed to pay the difference between the price he paid for 28,312 shares in Blue Sky Meats prior to a $34.6million takeover offer and the $3 offer price.
In March, Southern Lamb - owned by interests associated with Andrew Lowe and Scott O’Donnell - made an offer to acquire all of the shares in Blue Sky at $3 per share.
Prior to the offer being made, Mr Lowe acquired 28,312 shares in three transactions on the USX market, a statement from the Takeovers Panel said.
At the time of those acquisitions, interests associated with Mr Lowe controlled about 18% of the voting rights in Blue Sky and interests associated with Mr O’Donnell controlled about 17% of the voting rights.
If Mr Lowe was associated with Mr O’Donnell’s interests at the time of those acquisitions, they might not have been in compliance with the Takeovers Code, the statement said.
The panel and Mr Lowe had agreed to settle the matter instead of formal enforcement proceedings and Mr Lowe had undertaken to pay the difference.
The takeover offer closes at 11.59pm on Friday, May 6, 2022, unless extended.
As of April 22, Southern Lamb had received acceptances for 60.37% of Blue Sky shares.