Vertex major shareholders to sell 29.76 million shares

By NZPA

Friday 7th June 2002

Vertex Group Holdings Ltd says it and two shareholders, Pacific Equity Partners and Bain Capital Ltd, plan to sell $61 million of shares in the company to other investors.

The shares, being offered at $2.05 each, represented 93 percent of the company's stock, Vertex said.

The majority of stock being sold is owned by Sydney-based investment company Pacific Equity, Bain and their associates. Vertex will sell 488,000 shares.

Vertex, previously the plastics packaging business of Carter Holt Harvey Ltd, has four plants in Auckland, Hamilton, Hastings and Wellington.

It makes plastic oil cans, food trays and detergent bottles and has annual sales of about $90 million, according to the company's website.

The share sale, being managed by JBWere New Zealand Ltd, will begin on Monday and close on June 28, the company said in a statement.

JB Were had hoped the float would be the first of the year but was beaten to the punch by ABN Amro Rothschild, which opened a $115 million IPO for Skellmax, an agricultural equipment manufacturer, on May 27.

The local market is welcoming the increase in new floats after several lean years.

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