IPMG has entered into an agreement with digital marketing group BlueFreeway hoping to acquire all the ordinary shares of BlueFreeway, which it does not already own. IPMG currently controls 73 per cent of the marketing group and has offered $0.04 per share for the additional 27 per cent.
The move has been approved by Nick Greiner, independent director of BlueFreeway who recommended that shareholders vote in favour of the acquisition scheme.Before going ahead, the scheme will require court and shareholder approval, which is expected to be finalised at the shareholders meeting in late June this year. If the scheme is implemented, all shares in BlueFreeway will be bought by IPMG and the company will be delisted from the Australian Stock Exchange.
IPMG currently holds 238,949,377 BlueFreeway shares, approximately $11m in secured subordinated debt and approximately $7m in secured convertible notes. Michael Hannan, owner of IPMG is chairman of the BlueFreeway board.
