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.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter