MET - Metlifecare - one for the fundies?

[Beagle]

https://www.nzx.com/announcements/346583 - Time to go to the beach I think.

My thoughts in terms of $7.00 include a reference point that the share price was just $4.37 less than 3 months ago on 3 October 2019.

Major shareholders and the interested party will know a lot more about the current state of affairs of the company, in particular how sales have gone since they last reported for the year ended 30 June 2019, (nearly 6 months of additional sales information major stakeholders will be aware of under due diligence that small shareholders are presently in the dark about), and the current status of weathertightness issues so I will reserve judgement on whether I will accept $7.00 until I have a proper update from MET and read the appraisal reports thoroughly.

Its worth remembering that there are two other interested parties and that $7.00 is probably slightly below the net tangible assets of the company as at 31 December 2019. I don't think there is any hurry to sell when the trading halt is lifted on Monday.

[winner69]

Sold out much too cheap (even if $4.39 is Beagles reference point)

MEt Board shown their usual slackness .... but NZ Super who have probably driven this process will be happy to get $7.00 so that’s the end of the matter

We ‘small’ shareholders don’t get much say if any in the matter anyway.

[Balance]

Top 3 'active' shareholders being NZ Super, ACC and ISG Ltd own 32% so it is inconceivable that the Board & bidder do not interact with them.

Means that they are bound by confidentiality and cannot trade any shares until such time as the deal is confirmed on or off.

Add on ANZ Bank various investment funds' 11.8% and the top 4 shareholders will deliver control if they like the price offered by the bidder.

Top 4 shareholders own 43.8% .

Agreed it's a done deal at $7, W69.

Guess they are happy with the price being a little bit above NAV ($6.96).

[Beagle]

$6.96 NAV was as at 30 June 2019 so does not include the increase in value of the assets since then or the companies earnings.
Maybe there's a special dividend as part of this deal as well which at least pays out earnings for the last 6 months ?
Maybe that dividend is based on IFRS earnings which includes property gains in the last 6 months ?

[NOCASH]

Gents - what is next? the proceeds from MET, should I put it into OCA or SUM? or is OCA and SUM overpriced?

[couta1]

Gents - what is next? the proceeds from MET, should I put it into OCA or SUM? or is OCA and SUM overpriced?

Forget those, go with the milk.

[NOCASH]

Milk? ATM, A2 milk? Synlait?

[couta1]

Milk? ATM, A2 milk? Synlait?

Forget Synlait, yep ATM/A2M.

[winner69]

Gents - what is next? the proceeds from MET, should I put it into OCA or SUM? or is OCA and SUM overpriced?

If a great company in the retirement sector with a tremendous development pipeline and property prices booming can only sell for net asset value than both OCA and SUM are hugely overpriced

nOCASH - as Couts says milk is the way to go

[Scrunch]

$6.96 NAV was as at 30 June 2019 so does not include the increase in value of the assets since then or the companies earnings.
Maybe there's a special dividend as part of this deal as well which at least pays out earnings for the last 6 months ?
Maybe that dividend is based on IFRS earnings which includes property gains in the last 6 months ?

To be done at $7 the valuation appraisal report will need to have the bottom end of the valuation range below $7 so the bid falls into the assessed range. It will be interesting to see this done when all the other listed comparator in NZ are somewhat over NTA.