MET - Metlifecare - one for the fundies?

[BlackPeter]

NZSA says that shareholders need to decide based on their own financial situation, however - they will vote any undirected proxies against the takeover.

[Beagle]

NZSA says that shareholders need to decide based on their own financial situation, however - they will vote any undirected proxies against the takeover.

They have raised many points I have previously raised. https://www.nzshareholders.co.nz/pdf..._Oct_PVI_F.pdf

There is something rather nefarious about all this. Why are the insiders, (most directors and the super fund) who have BY FAR the most detailed knowledge of this company so keen to sell out ?
What do they know that ordinary shareholders don't ?
How did the most recent so called independent valuation come up with exactly the same figure as the last one several months ago during the depths of the Covid lockdown and yet real estate has been booming ever since and other companies in this sector have on average seen their share prices go up 14% ?

In that context I find it unfathomable that the most recent so called independent valuation is being truly independent...something very wrong is going on here.

I probably better not go into print with what I really think of the directors performance in this matter...other than to say with that lot governing the company maybe people should take the $6 and run

If I didn't know better, (and I am not sure I do), I would say that despite such a conspiracy theory being far fetched on the face of it, it actually looks remarkably plausible to argue that the directors, the super fund, short term arbitrage funds and the independent valuers are all conspiring against small shareholders best interests. Frankly this smells worse than two week old fish in the trash bin that someone forgot to throw out.

[Bjauck]

NZSA says that shareholders need to decide based on their own financial situation, however - they will vote any undirected proxies against the takeover.

Even the original offer price seems too cheap considering the trajectory of the virus in NZ, how well NZ retirement villages have handled the challenge so far, and the strength of NZ property prices. Have NZ shareholders been sold down the river again?

[Beagle]

APVG has engaged Georgeson Shareholder Communications Australia Pty Ltd (Georgeson) “… to assist solicit
proxy votes in favour of the Scheme of Arrangement.”
Georgeson has confirmed to NZSA that it will undertake a telephone campaign in pursuit of that objective,
but it will not provide the telephone script to NZSA. It did agree however make a call to NZSA during the
campaign.
We suggest you do your own research rather than rely on advice from the group attempting the takeover.
The fact that the bidder is actively soliciting support from shareholders with even relatively small numbers
of shares indicates that its confidence is not absolute.

From Shareholders association concerns letter.

How is it fair and reasonable that MET provides the personal telephone numbers of shareholders to an Australian company, that if my memory serves me correctly is known to be well capable of waging a vigorous campaign of influence in favor of the takeover ? All shareholders get to the contrary is a so called independent valuation that was probably also commissioned by APVG.
Not only that but it would appear that this crucial meeting is going to be online only so that directors and the so called independent valuers can dodge any hard questions they don't want to answer.

[Lion_graf]

We’re getting in touch to let you know that Metlifecare Limited (MET) has entered into a Scheme Implementation Arrangement with Asia Pacific Village Group Limited (APVG).

If this scheme goes ahead, APVG will:

Take over Metlifecare, and

Acquire 100% of the shares in Metlifecare for $6.00 per share

As part of this process, Metlifecare will be delisted (removed) from the New Zealand Stock Exchange (NZX) and all of the Metlifecare shares you own will be sold to APVG for $6.00 per share.

For the full details, check out Metlifecare’s announcement on the NZX website.

What do I need to do?

On Monday 28 September 2020, all eligible MET shareholders will get to vote on whether or not the scheme goes ahead. You’ll have the option to vote:

FOR—I support shares being sold to APVG for $6.00 per share

AGAINST—I do not support shares being sold to APVG

ABSTAIN— I do not want to participate (this is a neutral vote)

You need to hold shares in MET at 5 PM on Monday 28 September 2020 to be eligible to vote. If you decide not to participate, your vote will be recorded as ‘ABSTAIN’.

[teabag]

Got a phone call from an APVG rep in Australia yesterday asking if I had got the voting materials, and how I was leaning on the vote. I am a modest holder, they must be getting a bit worried about how the vote will go?

If the vote goes in favour, when is the payout likely to be?

[macduffy]

I had a call too. Yes, interesting, as I sold most of my holding several weeks ago and now only holding a few for interest's sake. Told whoever he was that I thought it a very poorly managed company. No reaction - as expected!

[dabsman]

Oh I hope I can ride this dog a third time...

[Cyclical]

People, some noob questions, apologies in advance...

How many shares does one have to hold to vote? And are the votes weighted in terms of the % of the company or something along those lines (more to the point, does a very minor shareholder really have any say)? Have I missed the cutoff to buy a few in order to express my disappointment of the board, the antics of the Swedes and the my feelings about another quality asset (cough) being ripped away from NZ inc?

[BlackPeter]

Easy - One share one vote.

MET has currently 213,304,722 shares outstanding (i.e. same number of votes).

Yes, this are 213 million shares plus some.

If you hold at least half of these plus one share you are the king :