20/07/2012 - 15:59

IFS appoints new director amid takeover stoush

20/07/2012 - 15:59

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IFS appoints new director amid takeover stoush

IFS Construction Services has announced the appointment of chartered accountant Alan Winduss to its board of directors, as the company continues to review a takeover proposal from a company backed by its chairman.

Mr Winduss was also appointed to the board’s sub-committee to review the takeover offer, from major shareholder and current executive chairman Billy Ong’s Millennium Scaffolding Systems.

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.

A meeting for shareholders to decide the fate of the company’s current board was adjourned for a period of two months on Wednesday.

The company’s stock last traded at 3 cents. 

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