Ann: MEETING: MET: Metlifecare 2012 Annual Meetin

• Release Date: 30/10/12 18:06
• Summary: MEETING: MET: Metlifecare 2012 Annual Meeting Summary
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MET
30/10/2012 16:06
MEETING

REL: 1606 HRS Metlifecare Limited

MEETING: MET: Metlifecare 2012 Annual Meeting Summary

Company Announcement
30 October 2012

METLIFECARE LIMITED 2012 ANNUAL MEETING SUMMARY

Metlifecare is already one of the largest retirement village operators in the
New Zealand market and a continued focus on growth and development will
enable it to maintain and grow its position, said Chairman Peter Brown at
today's Annual Meeting of shareholders in Auckland.

 "Our vision is to be the leader in providing innovative and sustainable
solutions for the lifestyle and care of older people", said Mr Brown.  "To
achieve this, we have a carefully considered development and growth strategy
in place.

"Our focus is on the prime residential markets in the North Island and, as a
part of this, we have recently undertaken a planned property portfolio
rationalisation to ensure the best mix of properties in our primary markets.
This has resulted in the sale of two properties in Nelson and Christchurch,
whilst we also finalised the acquisition of a 4.4 hectare site in Unsworth
Heights on Auckland's North Shore.

"There is growing demand for quality retirement lifestyle options and
aged-care support. Metlifecare is well positioned to take advantage of the
significant potential available in the retirement sector.  We have a strong
portfolio of existing villages, a significant development pipeline and the
funding in place to continue with these opportunities, as well as seek out
additional development prospects".

Managing Director, Alan Edwards, commented further on the Company's progress
in the year to date.

"Following settlement of the merger with Vision Senior Living and Private
Life Care in July 2012, Management's focus has been on integrating the
businesses and we are now seeing immediate and significant benefits flowing
through from synergies and cost efficiencies.

"We currently operate 24 retirement villages and have a pipeline of over 700
development units.   We will shortly commence Stage 3 of our most recent
development, The Poynton on Auckland's North Shore, and are also progressing
resource consents at our Glenfield and the recently-acquired Unsworth Heights
properties.

"Sales experienced a strong uplift in the year to 30 June 2012 and this
positive trend is continuing.  While the New Zealand economy remains
relatively static the real estate market, particularly in Auckland, is
buoyant. This is positive for Metlifecare as potential residents find it
easier to sell their houses."

The Company announced that in line with its continued focus on debt
reduction, it had decided to delay the reintroduction of dividends. The
position on dividends will be reviewed as at 31 December 2012.

The Company also announced that independent director Brent Harman had retired
effective from the end of the meeting. The Chairman thanked Mr Harman for
his excellent service to the Company since his appointment in 2006.

Shareholders passed the following resolutions at the Meeting:

o Receipt of Chairman's, Managing Director's and Auditors' Reports together
with Financial Statements for the year ended 30 June 2012
o Re-election of John Loughlin as a Director
o Election of Alistair Ryan, Christopher Aiken and Geoffrey Grady as
Directors
o Approval of an increase in the maximum aggregate remuneration payable to
non-executive Directors of the Company from $300,000 to $500,000
o Record the automatic appointment of the Auditors and authorisation for the
Directors to fix their remuneration for the current year.

ENDS

Released on behalf of Metlifecare by Jackie Ellis, spice communications group
tel 09 360 8500 or email [email protected]

For more information, please contact:

Alan Edwards
Managing Director & CEO
Tel: 09-539-8000

Tristram van der Meijden
Chief Financial Officer
Tel: 09-539-8000

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. Metlifecare currently
owns villages in prime locations throughout New Zealand, with most providing
provide a full continuum of care from independent villas and apartments
through to serviced apartments, rest homes and hospitals.
www.metlifecare.co.nz
End CA:00229074 For:MET    Type:MEETING    Time:2012-10-30 16:06:59