The major Australian investors that bought into Metlifecare Ltd 8 years ago confirmed yesterday they’d finally got their combined holding down to zero.
Macquarie Bank Ltd & Brisbane-based FKP Property Group (recently renamed Aveo Group Ltd) bought Cliff Cook’s 25% of Metlifecare in October 2005 through a joint venture, Retirement Villages NZ Ltd, and launched a full takeover bid at $3.75/share.
They were unsuccessful at that price but locked themselves into an 81.5% ownership position at $3.90/share, defeated in the full takeover attempt by some local institutional opposition, including a 5.13% stake acquired by NZ Superannuation Fund Nominees Ltd.
Last year, Metlifecare succeeded in a 3-way merger with Vision Senior Living Ltd & Private Life Care Ltd, and that was followed by a further partial selldown of Retirement Villages’ holding, from 50.07% to 43.2%. In July, Retirement Villages got down to 37.7% and, in October, it appointed Goldman Sachs NZ Ltd to sell the rest. At the same time the company widened its potential shareholder base by opening trading in its ASX secondary listing.
Yesterday, Retirement Villages, Aveo & Macquarie Group Ltd all confirmed their entire stake had been sold at $3.53/share – a total of $280.3 million. Infratil Ltd has taken up the cornerstone position, buying 19.9% for $147.9 million, and Goldman Sachs has reduced its stake to 3.2%.
Australian director Geoffrey Grady and his alternate, David Hunt, resigned following completion of the Retirement Villages selldown. Chief executive & managing director Alan Edwards said the company was likely to appoint new directors in December.
Attribution: Company release.