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- Release Date: 21/06/12 13:57
- Summary: MEETING: MET: Metlifecare Merger Approved
- Price Sensitive: No
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MET
21/06/2012 11:57
MEETING
REL: 1157 HRS Metlifecare Limited
MEETING: MET: Metlifecare Merger Approved
21 June 2012
METLIFECARE EXPANDS PORTFOLIO FOLLOWING MERGER APPROVAL
Metlifecare's minority shareholders have today voted in favour of the merger
of Metlifecare with Vision Senior Living and Private Life Care Holdings,
thereby creating one of New Zealand's largest aged care and retirement
village providers.
The merger provides a number of financial and strategic benefits for
Metlifecare, including:
o An enhanced platform to drive growth and shareholder value
o Complementary village portfolios in premium locations
o Increased presence in the key Auckland and Bay of Plenty markets
o Access to strong development expertise and property suitable for
development
o Immediate cash flow accretion
o Initial cost synergies.
"The merger is a significant milestone for the Company and brings with it a
number of benefits for Metlifecare and our shareholders", said Metlifecare
Independent Director, Mr Brent Harman.
As previously communicated, the transaction is subject to various conditions
with settlement due in late July. The next significant event will be the
previously indicated sell down of shares by Retirement Villages New Zealand
(RVNZ). Further details on the share offer will be made available to
shareholders in due course.
ENDS
For more information, please contact:
Alan Edwards
Managing Director and CEO, Metlifecare
Tel: 09-539-8000
Released on behalf of Metlifecare by Jackie Ellis, spice communications group
tel 09 360 8500 or email [email protected]
About Metlifecare:
Metlifecare is a publicly listed aged care and retirement lifestyle company.
Established in 1986, the company has a proven track record of successfully
owning and managing retirement villages in New Zealand.
End CA:00224117 For:MET Type:MEETING Time:2012-06-21 11:57:47
