Ann: GENERAL: MET: RVG'S Metlifecare Stake

• Release Date: 25/10/13 11:05
• Summary: GENERAL: MET: RVG'S Metlifecare Stake
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					MET
25/10/2013 09:05
GENERAL

REL: 0905 HRS Metlifecare Limited

GENERAL: MET: RVG'S Metlifecare Stake

25 October 2013
Media Release

RVG'S METLIFECARE STAKE

Metlifecare (NZX: MET) (ASX: MEQ) has received the attached release from FKP.

Metlifecare looks forward to welcoming the new shareholders to the company.

ENDS

For more information, please contact:

Alan Edwards
Managing Director & CEO
Tel: +64 9 539 8000

About Metlifecare

Metlifecare is a publicly-listed aged care and retirement lifestyle company.

Established in 1984, 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

ASX / Media Release          25 October 2013

Retirement Villages Group resolves 100% of Metlifecare stake

FKP Property Group (ASX: FKP), as the fund manager of Retirement Villages
Group (RVG), today announced that one of the fund's subsidiaries, Retirement
Villages New Zealand Limited (RVNZ), has entered into a fixed price
underwriting arrangement for the fund's 37.7% equity interest in New Zealand
retirement village owner and operator Metlifecare (NZX: MET).

Goldman Sachs has underwritten the placement of 79.4 million shares at a
fixed price of NZ$3.53 per share with settlement of the NZ$280 million
transaction expected to occur on 28 November 2013.  The price represents a
premium to NTA and an 8.5% premium to the 30 day VWAP preceding the
announcement of the intention to undertake this process.  The Goldman Sachs
underwriting arrangement has been substantially sub-underwritten by two large
and high quality New Zealand based investors: Infratil Limited and the New
Zealand Superannuation Fund.

The majority of proceeds from this transaction will be used to retire RVG's
A$186.3 million of remaining debt, leaving RVG as a debt free wholesale fund
with substantial cash reserves.

FKP CEO Geoff Grady said: "It has been a protracted process, but through
FKP's active management, and in line with our stated strategy, RVG will be
debt free and the fund will be able to fully concentrate on its substantial
Australian portfolio. This transaction will also enable management to
expedite the transition of FKP to a pure retirement group.

"As a debt free vehicle with a highly attractive retirement portfolio, RVG is
well-positioned to enhance securityholder value by accelerating its
development pipeline and increasing its care provisions."

RVG's portfolio comprises 30 high-quality retirement villages, with 3,489
units in metropolitan locations in NSW and Victoria.

In addition to investment management services, FKP provides asset management
services to RVG's villages. FKP has a 22.6% equity interest in RVG.

ENDS

For further information contact:  Nina Lesnanska, Communications and Investor
Relations Manager    P: 02 9270 6168  M: 0404 811 469  E:
[email protected]
End CA:00242863 For:MET    Type:GENERAL    Time:2013-10-25 09:05:35