Vertex chief to quit

Vertex managing director Paddy Boyle has resigned after Masthead Equities gained control of the plastics company through a hostile and drawn-out takeover battle.

Masthead's $2.09 offer closed on Tuesday, with the company gaining 97.35 per cent of Vertex - enough to compulsorily acquire the remaining shares. Vertex delists from the stock exchange at close of trade tomorrow.

Boyle has agreed to stay at Vertex for a short time to aid the transition to Masthead's ownership.