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Metlifecare Announces Revised Merger Terms
Metlifecare Announces Revised Merger Terms
Metlifecare has today announced revised transaction terms that add significant value for the company’s existing shareholders, and align the interests of all shareholders post-merger. The revisions follow feedback from shareholders and further negotiation with the merger parties. A copy of the announcement is attached. The accompanying market presentation can be viewed at https://www.nzx.com/companies/MET/announcements/223044.
This is a very positive announcement for Metlifecare and its shareholders.
In particular, it provides for:
· Reduction in the consideration to be paid to Vision and PLC shareholders
· Changes to escrow terms so that shares are held in escrow for longer periods of time
· Vision consideration to be split into an initial payment, with the remainder to be paid only if the MET share price exceeds $3 within 28 months of the merger
· MET will seek to raise at least $10m in additional capital from third party investors, rather than Vision shareholders.
The benefits of the merger remains compelling:
· MET acquires from PLC, three mature villages
· MET acquires from Vision Senior Living, three maturing villages, two developing villages and a pipeline of 631 future units
· MET shareholders benefit through cashflow accretion of 7 cents per share, a 35% increase excluding conditional shares
· MET acquires an experienced development team
· MET strengthens its presence in the Auckland market
ends
Metlifecare
At Metlifecare we create homes and communities
At Metlifecare we create homes and communities. Places of belonging, villages humming with life. With a range of unique villages nationwide (and more in development), plus more than 30 years in the business of looking after Kiwi retirees, we are a well-known and trusted operator, and we take our role seriously. 31269 8387
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