Takeover Offer Unconditional – First Payment Made

19 May 2005

TAKEOVER OFFER UNCONDITIONAL – FIRST PAYMENT MADE

Masthead Equities Ltd has declared that its takeover offer for Vertex is now unconditional.

Masthead has today begun paying shareholders who have already accepted the offer
– all remaining shareholders who accept will be paid within seven days of Masthead receiving their acceptance form.

Masthead’s Mark Stewart said that going unconditional gave Vertex shareholders absolute certainty of outcome.

“Based on acceptances to date we now own over 88% of the company. We are very pleased with the response to our offer.

“Our offer closes next Tuesday. Remaining shareholders must accept by 6pm on that day to take advantage of this compelling price. The advice from Vertex’s independent directors is to sell into our offer. They have made it clear that Vertex’s share price will trade well below Masthead’s offer price after the offer closes.”

ENDS

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