Ignore critics, says Vertex

Vertex shareholders have been told to ignore criticisms of the company made in connection with Masthead's $49 million takeover bid.

The company was performing well and was on track to meet or exceed expectations for the year to March 31, company chairman Tony Frankham said yesterday.

He advised shareholders to wait for an independent valuation of the company, expected this month, before making decisions on their shares.

He said it was unfortunate Masthead's bid for 90 per cent of the company had involved criticism of the company's performance and of board issues relating to the potential conflict of interest of Masthead's representatives who were associated with rival company Alto Plastics.

Frankham was brought in in December to try to resolve the deadlock on the board.

Masthead's formal offer documents are due to be lodged early next week.