South Island businessman George Gould was yesterday identified as the mystery bidder for listed plastics maker Vertex, after a sharemarket joust with former Air New Zealand chairman Sir Selwyn Cushing.
Gould, chief executive of rural services firm Pyne Gould Guinness and chairman of Designer Textiles, snappedup 10.33 per cent, or 3.31 million shares, in Vertex on Tuesday.
He has been a canny investor in Designer Textiles, which was the best performer on the New Zealand Stock Exchange last year with a 143 per cent share-price gain.
Yesterday he declined to reveal his plans for Vertex, saying only that his stake was a long-term investment.
Brokers said that if Gould had achieved the 19.9 per cent stake he originally sought on Tuesday, he would probably have been invited to join the board.
Some said that even with a 10 per cent holding he might be approached, as it would give Vertex another independent director.
Cushing, who has already amassed a 7.5 per cent stake, is still buying into the company but declined to reveal his target.
But he said two significant Vertex shareholders had contacted him saying they were delighted with his involvement.
"They said they're in full support," Cushing said.
But a 19.9 per cent stake - the maximum allowed under the Takeovers Code without a full takeover offer being made - seems a likely guess, as Cushing has said he doesn't intend making a full offer, despite his high public praise of Vertex.
"We haven't finished up. It's a good company to invest in so I'm still interested. It's all worked out particularly well. I haven't lost my ancient skills at all," he said.
Cushing's stake of 2.43 million shares - held by H&G Holdings, a company he and his son David own - has been built up since September 13 last year.
Vertex shares listed at $2.05 last July but fell sharply to $1.10 in September after a profit warning. That warning, coming so soon after listing, is the subject of a Securities Commission investigation.
Vertex managing director Paddy Boyle could not be reached yesterday for comment on the new investors.
Vertex - formerly part of Carter Holt's plastics packaging business - employs more than 500 staff. Its products include containers for Tip Top brand ice cream and Fresh'n'Fruity yoghurt.
