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. ­

Father's Day SOON! Crazy Deals on ALL IRG Yearbooks - More than 50% OFF - $19.99 for 44th IRG Yearbook 2018-2019


  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:

NZ dollar rises after Orr talks up the economy
Comvita posts $27.7m net loss on goodwill write-downs
Buyers emerge for Denton Morrell client book
WEL reviewing capital structure of fibre business
Cavalier announces strategic collaboration with NZ Merino Company
Delegat continues to invest after record year
Kiwibank's annual profit eases as fee income drops
TIL lifts operating earnings, watching for slowdown
Vector profit slides 44% on struggling HRV writedown
Steel & Tube returns to the black but says margins are squeezed

IRG See IRG research reports