I had a look through GCS feb presentation and in their current...

I had a look through GCS feb presentation and in their current assets it lists intangible assets of $24m.
The point of all this is that IFS at 15c is only trading at asset backing without any goodwill.
As Stanntons said in their assesment of this merger,if ifs can acheive EBIT's over $7.5m it will be rerated and increase in value.
Scaffold hire is good but its the formwork that is the big ticket item and having contacts with bovis lend lease,sumitomo construction and bgc that is going to bring the big bucks in.
BGC is one of the biggest private construction companies in australia with turnover of over $700m annually.