Three significant shareholders of IFS Construction have asked the government’s takeovers watchdog to run an eye over the increasingly hostile battle for control of the company.
The shareholders, who collectively hold 7 per cent of the issued capital in IFS, made the application to the Takeovers Panel on the basis that the bid by current chairman Billy Ong’s Millennium Scaffold Systems was not taking place in an “efficient, competitive and informed” market.
Millennium has offered 3.6 cents for each IFS share.
Former managing director Scott Williams teamed up with Perth business identities Justin Walawski and Graham Griffiths in May, in a bid to oust the current board of directors, with the exception of operations director Doug Weir.
The applicants are seeking orders from the panel that a meeting adjourned last week be held within two weeks of the panel making its decision, rescind the appointment of Alan Winduss to the company’s board, and to ensure any IFS shares acquired by Millennium after the adjournment of last week’s meeting cannot be voted on at the resumed meeting.
At close of trade today, IFS shares were down 3 per cent, at 3.4 cents.
