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  1. #11
    Member Yossarian's Avatar
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    i'll stick with AVE on the ASX. quality outfit, still trading at lower p/e's than the other main players...

  2. #12
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    why sell? where are they using the funds ie the 300 mill they going to get out of this?

    definately looking like they going for a kill, 100% gain in 2 years is very good....

    Oil - NZO
    REE - ARU
    Copper - EQN/OXR/TMR
    Iron- AGO/ADY/UMC
    Nickel-WSA
    PGM/Gold - PLA/VRE

  3. #13
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    It concerns me when private equity sell down most of their holdings in an IPO. Have to look at the propectus very carefully on this one to convince me. The only reason I am even looking into this is cos the sector is doing very well.
    This stock shines so bright that it \"Bling Blings\"

  4. #14
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    Would have to take a good look at the projections - reading the old Feltex thread has dampened my interest in this IPO.

    What are their levels of debt?
    Has the market peaked?
    Disclaimer: Do not take my posts seriously. They are only opinions.

    AMR has sold all shares and is pursuing property.

  5. #15
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    Looking from its market (client/customer/consumer) point of view, my feeling is that most of these people would want a 'total package' ie from retirement living to final care.
    It appears from summerset website that they are swinging away from 24 hours care and concentrating more on 'serviced apartment' in their more recent development. Seems to indicate that 'age-care' is not as attractive.
    Looks more like just a property play

  6. #16
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    seems like it's worth a closer look, but we're all going to have to be very careful over the next couple of years as private equity starts selling out to the public. It's a cycle, and now that interest rates are on the rise the private equity boom will probably start to wane a little, thus having seen companies disapear we're likely to see companies return. Private equity is a good thing in general as it cuts out the fat, uses more efficient capital structures and in general adds value... but questions must be asked when the time comes to flick it off to joe-mom&pop-investor.

    don't think it will offer much chance to make a quick buck on debut though.... *searches for a prospectus*

  7. #17
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    I'm a little sceptical on this one.
    I think AMP are selling at the top , They have the research teams etc.. They are only keeping 20%, why not keep a controlling interest?
    Why would you sell a good earner if in fact it is/gonna be ??
    Summerset is established sure but it's a small boy up against two bigger boy's. Takeover target maybe !!
    We are in the dark at the moment, lets have a good look when all the splurb is out.
    Cheers BB

  8. #18
    Member Yossarian's Avatar
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    takeover target? I think unlikely. Probably Metlife and ryman have already run their rulers over it and decided not at that price!

  9. #19
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    quote:Originally posted by Yossarian

    takeover target? I think unlikely. Probably Metlife and ryman have already run their rulers over it and decided not at that price!

    I agree. If it is a T/O target they wouldnt need to do a IPO. Not at these price.
    This stock shines so bright that it \"Bling Blings\"

  10. #20
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    Quest for gold in golden years

    Two financial giants are going head-to-head for $400 million of investors' cash in two retirement village floats.

    Dutch finance group ING yesterday said it would float its villages in Epsom and Remuera, pitching itself against Australian heavyweight AMP to be first to the market with a share offer.

    The floats will double the number of listed retirement village operators on the NZX. Ryman Healthcare and Metlifecare are the only current listed eldercare specialists, with a combined market capitalisation of $1.7 billion.

    ING wants to raise $100 million from shares in its retirement business which will be called ING Real Living. The float will be managed by Forsyth Barr.

    Last month, AMP NZ Capital Investors said it would float 80 per cent of its Summerset retirement village business, which was established in 1994 and owns a string of villages throughout New Zealand.

    This float is expected to seek about $300 million, and is likely to be the year's largest.

    AMP spokeswoman Jane Anderson could not give any further details on the Summerset float or say when the prospectus would be issued.

    But it is understood AMP is aiming to have Summerset listed by September, and Real Living is scheduled to float in late September or early October.

    ING, which is floating Real Living with Symphony Investments, said yesterday it was considering developing a further property in Remuera. The company's float would offer up to $100 million of stapled shares.

    ING and Symphony are already in partnership, jointly controlling the manager of listed ING Property Trust.

    Real Living will be chaired by former Metlifecare chairman Peter Fitzsimmons.

    Ricky Ward of Tyndall Investment Management said the two new floats would provide alternatives for investors who could now only get exposure to the sector from two companies.

    But some investment analysts said the ING float was far too small to attract interest from big institutions.


    ING Real Living

    * Raising $100 million.

    * Villages in Epsom, Remuera.

    * Another village planned.

    Summerset

    *Aiming to raise $350 million.

    * 11 villages, 1600 retirees, 400 staff.


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