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Masthead takeover offer for Vertex passes 50%

9 May 2005

Masthead takeover offer for Vertex passes 50%

Masthead Equities Limited is pleased with the response to its $2.09 a share takeover offer for Vertex Group Holdings after acceptances passed the critical 50% level, allowing Masthead to take control of the company.

“This is very encouraging,” said Masthead’s Mark Stewart. “Clearly shareholders are responding positively to our takeover price of $2.09 with acceptances having rapidly moved in a short space of time to have us now sitting at 53.47%. Vertex’s managing director Paddy Boyle has sold his shares into our offer.

“We are very confident that acceptances will continue to flow in. Certainly feedback from the market is that our $2.09 offer price is very compelling particularly in light of the current depressed sharemarket environment.

“We remind shareholders that our offer closes on the 24th of May 2005 and urge remaining holders to accept immediately. This offer provides a one-off opportunity for Vertex shareholders to sell at a price that is much higher than otherwise could be expected.”

ENDS


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