TCC changes post mBox

THE ownership of Kwinana industrial company Total Corrosion Control is being restructured following the collapse of a planned backdoor listing on the Australian Stock Exchange.

The original deal involved a backdoor listing via shell company mBox.com.

As reported in WA Business News last month, the deal exposed a rift between two blocs of TCC shareholders.

Investors Gavin and David Argyle had pursued the listing and a merger with TCC’s main competitor, Fero Industries, despite the opposition of TCC’s incumbent management, led by managing director Terry Iannello.

TCC staff also voiced their opposition to the proposed deal.

It is understood Mr Iannello and fellow directors Tony Iannello and Sam Cinalli are negotiating to buy the controlling shareholding held by the Argyle’s family company First Distribution Services.

The ownership restructure is expected to lead to the termination of all legal action between the respective parties.

mBox told the ASX the heads of agreement was terminated because “certain conditions were not met within the required time frame”.

TCC has agreed to pay mBox a $20,000 break fee.