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Plastics IPO announced

By Phil Boeyen, ShareChat Business News Editor

Monday 13th May 2002

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A plastics-based packaging firm that used to be owned by Carter Holt Harvey (NZSE: CAH) is planning a listing on the NZSE.

Vertex Group Holdings Limited is the parent company of Vertex Pacific, which describes itself as the leading supplier of plastics-based packaging products in New Zealand. The company also claims to be rapidly establishing a strong market presence in Australia.

Vertex Pacific was formed in October 2000 when Pacific Equity Partners and senior management purchased the assets from Carter Holt Harvey Plastic Products. It has annual sales in excess of $90 million.

Vertex Group says it plans to seek a listing on the New Zealand Stock Exchange through the sale of ordinary shares held by Pacific Equity Partners, Bain Capital and various associated companies.

"In addition, the IPO may include an issue of new ordinary shares by the company to the public," Vertex says.

"Details of the size and structure of the offer are yet to be finalised, but it is expected that the IPO will represent approximately 90% to 95% of the ordinary shares in the company."

JB Were has been appointed lead manager and underwriter, and UBS Warburg has been appointed co-lead manager. There will be no public pool.

The offer is expected to open in early June

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