27/08/2012 - 14:53

Hire Access, Specialised Scaffolding in administration

27/08/2012 - 14:53

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Takeover target IFS Construction Services has appointed administrators to subsidiaries Hire Access and Specialised Scaffolding Services.

IFS said WA Insolvency Solutions' Kim Strickland’s and David Hurt’s appointments as administrators were effective from today.

The appointment of administrators to two subsidiaries is the latest twist for IFS, which is embroiled in an increasingly hostile battle for control of the company.

The Takeovers Panel ruled last week that a takeover bid made by current chairman Billy Ong’s Millennium Scaffold Systems was not taking place in an “efficient, competitive and informed market”.

Millennium, which holds a 21.82 per cent stake in IFS, had offered 3.6 cents for each IFS share.

A meeting where shareholders will determine the fate of the company’s board has been ordered to be held before August 31.

IFS stocks last traded at 3.2 cents. 

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