30 September 2005
Retirement Villages New Zealand (RVNZ), an equally owned joint venture between the ASX-listed FKP Property Group and Macquarie Bank has today lodged a substantial shareholder notice in the NZX-listed Metlifecare Limited, New Zealand's largest retirement village owner and operator.
RVNZ has executed a pre-bid agreement with Private Health Care Group (PHC), which holds 25 per cent of Metlifecare. PHC has lodged a pre-emption notice with Todd Lifecare, owner of 35 per cent of Metlifecare, at NZ$3.75 per share. If Todd Lifecare does not exercise its pre-emption rights then RVNZ will announce a cash offer at NZ$3.75 for all of the shares of Metlifecare and PHC will exercise its drag rights over Todd Lifecare's shares.
FKP and Macquarie Bank will each contribute a maximum of NZ$105 million for their respective interest in Metlifecare, should a a cash offer proceed and depending on the level of shareholder acceptances received. The balance of the acquisition will be funded by non-recourse debt. RVNZ will provide further information should the transaction proceed.