Ann: LISTING: ARV: Arvida completes $80 million IPO

• Release Date: 18/12/14 10:29
• Summary: LISTING: ARV: Arvida completes $80 million IPO
• Price Sensitive: No
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					ARV
18/12/2014 10:29
LISTING
NOT PRICE SENSITIVE
REL: 1029 HRS Arvida Group Limited (NS)

LISTING: ARV: Arvida completes $80 million IPO

18 December 2014

Arvida completes $80 million IPO

Shares of Arvida Group Limited (Arvida, the Company) today began trading on
the NZX Main Board following a successful IPO that raised $80 million in new
capital to underpin the growth of the new retirement and aged care group.
Strong demand for the shares from institutions in New Zealand, Australia and
other eligible jurisdictions and the clients of participating NZX firms saw
the shares priced at $0.95, at the top end of the indicative price range of
$0.85 to $1.00.
Arvida Chairman Peter Wilson says the Company is delighted to have attracted
the strong support of high quality shareholders including new and existing
investors.
"Our new shareholders recognise that the foundation portfolio of 17 villages
across New Zealand provides a strong base to meet the growing demand of
retiring New Zealanders for high quality independent living along with the
assurance that their needs will be catered for in later years. Our 1,000
dedicated staff and skilled management team are fully engaged in making
Arvida a leader in the provision of retirement living and aged care
services."
Arvida has now settled the acquisition of the foundation villages and the
proceeds of the Offer have primarily been used to partially repay debt,
providing Arvida with capacity to operate, develop and enhance its portfolio,
including through potential further acquisitions.
Arvida's current dividend policy is to distribute 60-80% of underlying profit
per annum, intended to be paid on a quarterly basis. The first dividend is
scheduled to be payable for the quarter ending 31 March 2015 and total cash
dividends anticipated to be declared in FY16 plus imputation credits are
expected to deliver a gross dividend yield of 5.9% (assuming a dividend of
70% of underlying profit) on the Offer price.
The Company's Chief Executive Officer Bill McDonald says that it will be life
as usual for Arvida's resident and staff and after a period of integration,
the group will advance work on a pipeline of development projects attached to
existing villages.
"The IPO provides the flexibility to undertake the development of more than
160 new units at existing villages and later consider earnings accretive
acquisitions to expand the geographic spread of the group beyond our 17
foundation villages."
NZX Limited Chief Executive Officer Tim Bennett says "Today's Arvida listing,
the 16th we've had on the NZX this year, marks the conclusion of a stellar
year for NZX".
"The initial public offer of Arvida further boosts the investment options
available to investors in our capital markets, and its retirement industry
focus adds to the other sectors represented in this year's NZX listings,
including technology, manufacturing, agriculture, energy, health and
education businesses."
Arvida's shares trade with the code ARV on the NZX Main Board. Forsyth Barr
was the Arranger for the IPO.

Ends
Enquiries
John Draper +64 21 581 234
Senescall Akers

About Arvida
Arvida Group Limited (Arvida), is a retirement village group with an emphasis
on providing a continuum of care from independent living through to high
quality aged care services. Arvida has 17 villages across New Zealand
comprising Glenbrae, Bay of Plenty; Molly Ryan, New Plymouth; Olive Tree,
Palmerston North; Waikanae Lodge, Waikanae; Oakwoods and The Wood, Nelson;
Ashwood, Blenheim; Ilam, The Maples, Mayfair, Park Lane, Rhodes on Cashmere,
St Albans, St Allisa and Wendover, Christchurch; and Bainlea and Bainswood,
Rangiora. Arvida's shares trade on the NZX Main Board under the code ARV.
End CA:00259087 For:ARV    Type:LISTING    Time:2014-12-18 10:29:59