MET - Metlifecare - one for the fundies?

Maybe Taihape might be a good place to look for land.

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Originally Posted by Jasemc

Maybe Taihape might be a good place to look for land.

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Gumboot Capital of the World :t_up:

Best Wishes
Paper Tiger

It would be quite good if someome with more time and nous than me could compare RYM SUM MET ...major shareholdings either management or institutions .purchases,sales etc...

In fact has anyone tracked the SP performance of a particular company with major shareholders movements to see if there was a relation to the SP performance ?

I think back to THL and Sir Wallis's involvement....then again Ngai Tahu sold of out of RYM.....and Fisher Funds buying again into THL...Todd in the past buying into CUE.... cheers

Still above $3.30 who thinks it has hit bottom?

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Originally Posted by Jasemc

Still above $3.30 who thinks it has hit bottom?

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I am not going to commit myself, it could do anything!
If you are into trend lines you might think $3.20(ish) and rising a little each day is important;

if you are me (you're not are you?) then see a few posts back.

If you are you then what do you think?

Best Wishes
Paper Tiger

dear paper T....I have the answer....MET has a NTA of 334.85 and has a MkT value of some $600 million
....RYM has a NTA of 146.89 and has a MKT value of some $3,200 billion (CEN is $3.7 billion)

...do you see what I saying here.....say RYM were to buy MET and apply their "nous"....everyone would be happy huh !!!!!!....

...do you thinks I should patent this idea perhaps......

8:31am, 30 May 2013 | PLACE

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

Capital raising (Institutional and SPP) to eliminate non development debt and increase build rate:

https://www.nzx.com/companies/MET/announcements/236828

Also will seek ASX listing

Strategy update: https://www.nzx.com/files/attachments/176000.pdf

What do people feel about SPP for MET? Unlike the other one (SNK) I am not sure this is one that I will purchase shares in just to participate in the SPP.

Edit: Ignore what I said, just realised unlike SNK they are placing a trading halt right now until the SPP is over, so even if you wanted to you can't participate in the SPP unless you already have shares in MET.

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Originally Posted by glasszon

What do people feel about SPP for MET? Unlike the other one (SNK) I am not sure this is one that I will purchase shares in just to participate in the SPP.

Edit: Ignore what I said, just realised unlike SNK they are placing a trading halt right now until the SPP is over, so even if you wanted to you can't participate in the SPP unless you already have shares in MET.

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Not quite right (though I have been blamed for not reading things correctly). My take is there is an institutional build at the moment for $70m. Then there will be a SPP for those on the register at 14 June, I assume allowing you to take upto the maximum $15k the law allows without a prospectus.

Depending on the price will determine if the SPP is worth taking up.

Off topic question: With SPP, especially when they are discounted, I have never understood why the record date wasn't at the time of the announcement. Otherwise you get all the games of buying $500 on market to get $15k at a discount.