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- Release Date: 18/07/12 10:31
- Summary: GENERAL: MET: Metlifecare Announces Successful Share Offer
- Price Sensitive: No
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MET
18/07/2012 08:31
GENERAL
REL: 0831 HRS Metlifecare Limited
GENERAL: MET: Metlifecare Announces Successful Share Offer
Media Release 17 July 2012
Metlifecare Announces Successful Share Offer
Metlifecare Limited (NZX: MET) announces the successful completion of the
bookbuild for the sale of a portion of Retirement Villages New Zealand
Limited's ("RVNZ") shares in Metlifecare as part of the upcoming settlement
of the merger with Vision Senior Living ("Vision") and Private Life Care
Holdings ("PLC"). The sale of 22.5m shares will reduce RVNZ's post-merger
holding to 43.2%.
The sale of shares generated strong support from investors, with demand of
three times the available shares. Consistent with RVNZ's previously-indicated
preferences, the large majority of the shares have been allocated to retail
shareholders.
The bookbuild price has been set at $2.20 per share. RVNZ, or its nominee,
will receive the net proceeds of the bookbuild on settlement. Metlifecare's
shares will re-commence trading on Wednesday 18 July.
Metlifecare's Managing Director Alan Edwards said "It is very pleasing that
we have generated significant interest from broking firms and their clients
as well as existing institutional investors. I firmly believe that this
provides a further endorsement of our strategy to re-position Metlifecare."
Metlifecare Chairman Peter Brown said "The support for the Offer has been
very strong and whilst we have not been able to satisfy all investor demand
received, we have achieved a number of RVNZ's objectives, including
broadening the Metlifecare share register. We believe the continued support
of our new and existing shareholders should also assist in obtaining better
value-recognition for Metlifecare through our share price over time."
Settlement of shares under the Offer will occur on 23 July 2012. The issue of
new merger shares to the Vision vendors and RVNZ (PLC's shareholder) will
also occur on 23 July.
Goldman Sachs acted as the arranger, sole book-runner and joint lead manager
for the Offer, with its strategic alliance with JBWere providing access to
their private wealth clients. Forsyth Barr acted as a joint lead manager for
the Offer.
ENDS
End CA:00225054 For:MET Type:GENERAL Time:2012-07-18 08:31:03
