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Vertex proceeding with IPO and Listing Application

News Release

6 June, 2002

Vertex Group Holdings Limited proceeding with IPO and Listing Application

Vertex Group Holdings Limited today announced that it is proceeding with an initial public offering of shares and with an application to list its shares on the New Zealand Stock Exchange.

Vertex Group Holdings Ltd is the parent company of plastics packaging company Vertex-Pacific Ltd.

The offer will open on Monday 10 June 2002 and close on 28 June 2002. Shares are expected to trade on a delayed delivery basis from Monday 1 July 2002.

The Vendors of the shares will be Pacific Equity Partners and Bain Capital and their associates.

The Vendors in association with Vertex are offering for sale and subscription 29,755,944 fully paid ordinary shares in Vertex. Vertex will be offering approximately $1 million of new shares with the residual coming from the Vendors. The Shares will represent 93% of the issued capital of Vertex following the offer. Management and parties associated with management of the Company will retain the remaining shares.

29,755,944 million shares in Vertex will be offered through JBWere (NZ) Limited (Lead Manager and Underwriter) and other members of the NZSE.

Shares will be allocated to retail investors, with some shares also available to financial institutions that are clients of JB Were and UBS Warburg New Zealand Limited (Co-Lead Manager). There will be no public pool.

The offer price will be $2.05 per share.


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