Stock Exchange panel finds Vertex in breach of rules

The New Zealand Stock Exchange's Market Surveillance Panel said in a statement today that Vertex breached listing rule 10.1.1, relating to disclosure of information.

Vertex, whose products include ice cream tubs, industrial containers, foam food trays, and parts for drench guns, was put under the spotlight when it issued a profit warning only 9-1/2 weeks after its $61 million float on July 1.

The NZSE said today that "among other things, Vertex's delay in disclosing relevant information in such close proximity to the registration of its prospectus constituted a significant breach, and warranted censure".

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