United HealthCare, a wholly owned subsidiary of Eric Watson’s Cullen Investments, today announced that it had acquired a
10.11% shareholding in listed aged care provider, Metlifecare.
“We think that Metlifecare is a great asset in a industry sector with high growth potential,” said Watson. “The aged
care market in New Zealand is under-serviced and is forecast to experience strong demand over the next few years. Cullen
is already involved in the sector through our stake in ElderCare and we are interested in getting additional exposure.
In terms of structure and long-term prospects Metlifecare fits our investment profile extremely well.
“The company seemed to have lost its direction and has been under-performing for some time now. We believe that is a
direct result of lack of management focus and the uncertainty surrounding it future ownership. However the fundamentals
remain sound and its prospects looking forward are very encouraging.
“Todd Corporation’s involvement will bring stability and certainty to the register and augurs well for the future.
Having Cliff Cook reaffirm his commitment as a long-term investor in the company means that we are very happy to take an
interest in the company.”
ENDS