Ann: PLACE: MET: Metlifecare Announces Capital Ra

• Release Date: 30/05/13 10:31
• Summary: PLACE: MET: Metlifecare Announces Capital Raising
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MET
30/05/2013 08:31
PLACE

REL: 0831 HRS Metlifecare Limited

PLACE: MET: Metlifecare Announces Capital Raising

30 May 2013

Metlifecare Announces $70m Capital Raising to Reduce Debt and Fund Growth

TARGETED BUILD RATE OF 200+ NEW UNITS AND BEDS PER YEAR BY FY15

Leading retirement village and aged care provider, Metlifecare Limited, is
raising $70 million in new capital from a placement to institutional and
eligible investors. Metlifecare has achieved its stated goals following the
2012 merger and is now looking to strengthen its balance sheet and fund
future growth. Goldman Sachs is underwriting the placement and acting as
sole lead manager, placement agent, and book runner.

Following the institutional placement, Metlifecare is offering a Share
Purchase Plan (SPP) to eligible shareholders, with further details to be
announced in due course. This will enable all Metlifecare's shareholders to
participate in the offer.

Since July 2012, when the merger with Vision Senior Living and Private Life
Care Holdings was completed, Metlifecare has delivered on the objectives
outlined in the June 2012 prospectus. The company is on track to exceed its
cash flow target of $60.7 million1 for the 2013 financial year, has
undertaken two significant asset sales ($38 million) and is continuing to
maintain and enhance its continuum of care at existing villages.

Following the capital initiatives, Metlifecare's non-development debt is
expected to be substantially eliminated. Chairman of Metlifecare, Mr Peter
Brown, commented: "The capital initiatives announced today are intended to
ensure there is more capacity to progress consents and developments on our
existing sites, allow us to further expand our greenfield land bank and fund
the development of aged care facilities and services. Our build rate is
targeted to increase to 200+ new units and beds per annum by FY15."

Metlifecare is an established operator, with a balanced portfolio of mature
and new villages. The company's portfolio is located in the North Island,
with the majority of villages located in the premium Auckland, Hamilton and
Bay of Plenty regions.

The company currently operates 23 villages, comprised of 3,812 units and 361
care beds.  It has a further pipeline of 903 units and care beds, of which 78
are currently under construction.  In addition, greenfield sites, at Unsworth
Heights and Glenfield in Auckland, are at various stages of resource consent
and planning and will contain care facilities and the full continuum of care.

If Retirement Villages New Zealand Limited does not participate in the
capital raising, its shareholding will reduce from approximately 43% to
approximately 39% following the placement.

Key Dates:

- Trading halt on NZX Thursday 30 May 2013
- Offer opens and bookbuild commences Thursday 30 May 2013
- Offer closes, allocations advised and trading halt
lifted To be advised
- Settlement of placement and allotment and trading of placement shares
Thursday 6 June 2013

The Metlifecare board has also agreed that the company will seek an ASX
listing shortly following the placement and SPP in order to enlarge its
shareholder base.

Further information on these strategic and capital raising initiatives can be
viewed in the presentation on the company's website and accompanying
announcement on the NZX.

1 The cash flow target is exclusive of one-off integration costs and interest
cost.

ENDS

For more information, please contact:

Alan Edwards
CEO and Managing Director
Tel: +64 9 539 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 the North Island of New Zealand,
with most providing a full continuum of care from independent villas and
apartments through to serviced apartments, rest homes and hospitals.

www.metlifecare.co.nz
End CA:00236828 For:MET    Type:PLACE      Time:2013-05-30 08:31:06