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Report on aspects of the initial public offering of Vertex Group Holdings Limited in 2002

VERTEX'S SHAREHOLDERS AND MANAGEMENT

28. Vertex had its origins in the Carter Holt Harvey Group of companies. Vertex was formed from Carter Holt Harvey Plastic Products. This was an established business, having effectively been in existence since 1941. This business (excluding a plant in Australia) was purchased in October 2000 by two private equity investment funds, the PEP Funds and the Bain Funds. The business was purchased by a company incorporated in New Zealand for the purpose, Vertex Group Holdings Limited, and renamed Vertex Pacific Limited ("Vertex").



29. At the time of the IPO the Board of Vertex comprised:
    • Jon Hartley (Chairman since 28 May 2002);
    • Paddy Boyle (Managing Director);
    • Simon Pillar (former Chairman and a Managing Director of PEP);
    • Barry Watts (Director since 28 June 2002);
    • Doug McKay (Director since 28 June 2002).



30. Sarah Roberts of Buddle Findlay and Rickard Gardell (a director of PEP) were directors immediately prior to the registration of the registered prospectus. They both resigned as directors with effect from 6 June 2002.



31. Vertex's senior management at the time of the IPO was as follows:
    
    
    • Paddy Boyle, Managing Director;
    • Jim Bini (formerly business consultant to PEP), Chief Operating Officer;
    • George Clark, Chief Financial Officer.