MET - Metlifecare - one for the fundies?

[Beagle]

Time will tell. National house prices out today were very strong, (see SUM thread wherein Winner posted a link).

[Germaine]

You guys who sold out should have kept a few shares so you could lodge an objection in principle to this terrible deal. Or buy a few shares back and vote 'no' at the meeting (or by post). Only by being principled can retail shareholders ever end up improving the system for everyone. Please re-consider...

[winner69]

Jeez beagle ....METs Net assets per share last year was $7.46 (not $6.96) after restating of deferred tax

Now only $7.18 because they lost heaps in F20

Underlying earnings they reported a lot of crock I reckon....almost the same as last year as they didn’t really make $90.4m last year .......and is conveniently in guidance range eh

[JeremyALD]

This is honestly a shocking deal, especially with share markets at record highs.

Long time shareholders have unfortunately been stuffed by poor management, and a significant change in share register with short term interests. It's clear directors have just taken the easy way out.

[Beagle]

This is honestly a shocking deal, especially with share markets at record highs.

Long time shareholders have unfortunately been stuffed by poor management, and a significant change in share register with short term interests. It's clear directors have just taken the easy way out.

Agree but I would go further. Its an absolutely appalling deal and quite possibly actionable against the directors for not working in shareholders best interests. Underlying profit is unaffected by Covid and I am seeing multiple reports of very strong sales activity in Auckland with many ex pat Kiwi's desperate to come home. REINZ real estate medium national average up 15% year on year. If anyone can explain to me how the majority of directors are acting in the best interest of shareholders I'd love to hear their explanation. I actually think the directors and management are totally inept. Development margin is in the toilet. EQT are getting the bargain of the decade. Install directors and management who actually know what they're doing and they'll make a fortune out of hapless Kiwi's. Hope the OIO block this pillage of N.Z. assets at rock bottom bargain basement prices. Ultimately its up to shareholders to vote on the proposed deal. Nobody has a gun to their head making them agree. If they idiotic enough to roll over and play dead then I am sorry but they fully deserve to be ripped off.

[bottomfeeder]

NTA of 7.18 (audited results) yet directors recommend that shareholders accept $6.00. Who ripped who off here. We should be taking a class action against the company directors and the dumb ass valuers who valued the company in their low range.

[JeremyALD]

I'm out anyway, can't be bothered anymore, and better investments elsewhere.

I hope it gets declined at the shareholders meeting, but I think their share register is stuffed now as well so not holding out much hope.

It's quite mind boggling that anyone, let alone directors would sell a company in one of the most attractive growth sectors in New Zealand at a PE of 13, even withholding paying shareholders a dividend!!

[Mel]

I'm out anyway, can't be bothered anymore, and better investments elsewhere.

I hope it gets declined at the shareholders meeting, but I think their share register is stuffed now as well so not holding out much hope.

It's quite mind boggling that anyone, let alone directors would sell a company in one of the most attractive growth sectors in New Zealand at a PE of 13, even withholding paying shareholders a dividend!!

Completely agree with your sentiment and I took the same course of action (sold my holding).....directors showed zero negotiating nous and the Swedes will be bagging a bargain (unfortunate from a NZ perspective)!

[Germaine]

Why sell all your shares when you can keep a few and vote 'no' out of principle? It's a cop-out to sell, why not try and send a message so it helps next time?

[Germaine]

Again, why sell? Why not fight for what's right?