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Cushing sells as Vertex weakens

By Nick Stride

Friday 21st February 2003

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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. ­

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