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National calls for inquiry into company float

John Key National Associate Commerce Spokesperson

5 September 2002

National calls for inquiry into company float

National is urging the Government to call for a Securities Commission inquiry into newly-listed plastics manufacturer, Vertex, which has issued a profit warning little more than nine weeks after its float.

"Just two months after issuing a prospectus forecasting a rosy picture, a substantial profit revision by Vertex has seen its share price plummet, costing New Zealand investors nearly $20 million," says National's Associate Commerce spokesman, John Key.

"The example of this company's rapid share plunge does nothing to enhance the reputation of the New Zealand sharemarket. It raises wider issues about whether appropriate disclosure requirements are being met by companies raising capital on our sharemarket.

"The Government should call for a Securities Commission investigation to assure Kiwi mum and dad investors. The integrity of the New Zealand sharemarket is at stake.

"There have been several recent examples of companies floating then quickly failing to meet earnings forecasts. This could seriously dent confidence in the New Zealand sharemarket as investors realise that companies are not delivering on their promise," says Mr Key.

Ends

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