Vertex on trading halt ahead of report

Vertex shares were this morning placed on a trading halt ahead of an independent report regarding the takeover play by Masthead.

Trading in the shares would be stopped until the report was issued, or 10am tomorrow, which ever was earlier, Vertex said in a statement to NZX.

Vertex shares last traded at $1.90 on Friday, having ranged between $1.38 and $1.95 in the past year.

Last week cornerstone shareholder Masthead mailed out its $49 million takeover offer to Vertex shareholders.

Masthead bought 19.9 per cent of Vertex last year for $2.05 a share and now wants to buy the rest of the company with the view to merging it with rival Alto Plastics, of which it owns 40 per cent.

On Wednesday last week, Vertex called off its court action to challenge the validity of directors with links to Masthead. The court action was also to sort out potential conflicts of interest within the Vertex board.

- NZPA