Sharechat Logo

Cushing sells as Vertex weakens

By Nick Stride

Friday 21st February 2003

Text too small?
Businessman Sir Selwyn Cushing yesterday made a quick $800,000 profit on his Vertex Group foray, selling a 7.6% stake to George Gould's Gould Holdings for $4 million.

Sir Selwyn revealed he had been building a Vertex stake last week but was immediately trumped by Gould, which launched an on-market stand.

Gould now has 19.8%, just under the 20% at which it would have to make a Takeovers Code offer.

The stake-building pushed the troubled plastic packaging group's shares up sharply but it disappointed immediately, yesterday cutting its forecast ebit (earnings before interest and tax) for the March year to $9.2 million to $9.6 million, from a September estimate of $10.1 million. ­

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

POT Financial Results for the year to 30 June 2025
MOVE FY25 Results for the year ended 30 June 2025
BPG - Completion of Retail Offer
Comvita releases results for the year ended 30 June 2025
August 29th Morning Report
Air New Zealand announces 2025 financial result
August 28th Morning Report
VSL - 2025 date of Annual Meeting of shareholders
WIN - Winton announces FY25 Annual Results
Meridian Energy Limited 2025 Full Year Financial Results