Tuesday 17th July 2012
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Metlifecare, the retirement village operator, has placed its shares in a trading halt while a sell-down by the company's biggest shareholder, Retirement Villages New Zealand, is completed.
The book build will satisfy the last condition of Metlifecare's merger with Vision Senior Living and Private Life Care. The deal was approval under the Overseas Investment Act last week and by shareholders at a special meeting in June.
Metlifecare will get eight new villages in the merger with Vision and Private Life Care Holdings, which are to receive shares in the enlarged company as payment. That boosts its portfolio to 24 villages, three of which are in development. The number of units will increase to 3,902 from 2,460, while brownfield and greenfield capacity climbs to 1,011 units from 380 units.
The trading halt will remain in place until Metlifecare notifies the NZX of the outcome.
Metlifecare shares last traded at $2.25.
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