05/05/2009 - 15:07

AOS scaffolding takeover approved

05/05/2009 - 15:07

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South Perth-based Advanced Ocular Systems will resume trading of its shares in June after shareholders today endorsed a $22.5 million reverse takeover of International Formwork & Scaffolding.

AOS scaffolding takeover approved

South Perth-based Advanced Ocular Systems will resume trading of its shares in June after shareholders today endorsed a $22.5 million reverse takeover of International Formwork & Scaffolding.

Shareholders overwhelmingly voted in favour of the merger, which was first flagged last year, at a meeting in Perth today.

The merger is effectively a backdoor listing for IFS, with Advanced management and board control to pass to existing IFS directors.

IFS was set up for former PCH Group formwork director Doug Weir. IFS chairman Bill Ryan and chief financial officer Wil Cuperus were also formerly with PCH.

The offer consist of Advanced issuing 1.575 billion shares at 1.43 cents each to IFS and 787.5 million options with an exercise price of 2.5 cents.

In a trading halt notice today, Advanced said it expects the suspension of its shares to continue until around June 24 this year. Shares in the company last traded at 0.7 cents.

As part of the merger, Advanced will relocate to IFS' Malaga office.

IFS is backed by Singapore company Millenium Scaffolding Asia.

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