MET - Metlifecare - one for the fundies?

[dabsman]

I wouldnt piss on these directors if they were burning but...I feel there is one more act in this tragedy to play out

[Balance]

I wouldnt piss on these directors if they were burning but...I feel there is one more act in this tragedy to play out

Come on, dabsman - the directors have no choice but to accept the majority decision of shareholders and the majority being NZ Super & hedge funds are happy to accept $6.00.

The alternative is to go for a spill where they get voted out and get replaced by directors appointed by the majority shareholders who will then accept the $6.00 offer. What's the point of that?

We need to be aware of commercial realities.

[dabsman]

What about the 5 or more years of underperformance? Can't blame them for that? Its weird as I'm quite angry at the capitulation while it is my best performing share in the last 6 months after selling and buying again

[Balance]

What about the 5 or more years of underperformance? Can't blame them for that? Its weird as I'm quite angry at the capitulation while it is my best performing share in the last 6 months after selling and buying again

The underperformance is a different matter - the directors have to deal with the here and now of a majority of shareholders (especially the hedge funds who paid top dollars for an arb game which went wrong) being happy with $6.00.

Dragging this thing out serves no-one but the lawyers.

Seriously, it's not like there are no other retirement village stocks on the NZX to invest in.

PS. I am as cheesed off as anyone as I believe $6.50 is the fair price but it is what it is.

Be grateful that you have the chance to enjoy a double dip in MetLife - does not come all that often! Spare a thought for those who panicked and sold out in huge volumes at under $4.00!

[Beagle]

By the time this is voted on in late September it will have been a year since the last dividend was paid in September 2019.
Not only have directors sold out based on a deep discount to NTA, they have sold out shareholders in terms of their rights to sue for $7 AND just to rub salt into the wound they have sold shareholders out of dividends for the last year as well.

Bingo..your arguing with yourself..personally closed out the trade today, in essence for the reasons you mentioned above. Beagle you are now having a great debate with yourself

Yeah I am of two minds about this for sure. Everyone seems to have forgotten that MET had a compound average growth rate in underlying earnings in the 5 years before Covid 19 of 14% per annum.
Even the so called independent valuers rather conveniently looked at the growth rate for the last 3 years when the Auckland market has ostensibly been flat.
Its been a great ride...

[Beagle]

https://www.nzherald.co.nz/business/...ectid=12347856 (paywalled article)

It doesn't take too much thought to conclude the New Zealand Superannuation Fund has sold NZ Inc down the river when it comes to the Metlifecare takeover.

[bottomfeeder]

Yeah, just because MET is worth $6.50, doesnt mean we have to sell it. Now if they offered $8, then it would be sell, sell, sell.

[Beagle]

Been reported in the media today, see link above, that this is basically a done deal at $6.
$6.00 / 5.88 = a possible 2% extra return but looks like from a brief overview of the revised scheme implantation agreement this won't be paid out until (at earliest late October)...with the history of the background of delay's with the deal so far I would suggest if it happens and all the hoops are jumped including overseas office approval and shareholder approval a more realistically likely date for shareholders to plan on is late November. So...about 4 maybe four and a half months to make 2%, assuming there isn't some fine print somewhere in the 70 plus pages of the new scheme agreement that gives EQT some other loophole to get out if the things to turn to complete custard here or overseas for whatever reason. Hmmm

[Beagle]

Yeah, just because MET is worth $6.50, doesnt mean we have to sell it. Now if they offered $8, then it would be sell, sell, sell.

I have reluctantly accepted that when the valuers, directors and the N.Z. super fund are effectively working against you, its time to move on as the frustration of trying to eek out some further modest gains just isn't worth the effort and the prospect of same are slim to none. Lets not forget there is real downside risk here if the deal is voted down.

[flyer]

There is large buying depth this morning following on yesterdays higher volume. Why would buyers be lined up at $5.89 etc to get $6?