|Date||11 October 2005|
|Offeror/applicant||Retirement Villages New Zealand Limited|
|Ultimate applicant beneficial ownership||50 percent - Australia, Macquarie Bank Limited|
50 percent - Australia, FKP Limited
|Beneficial overseas ownership|
|- Asset current||N/A|
|- Asset proposed||N/A|
|- Share current||0.03 percent|
|- Share proposed||100 percent|
|Offeree(s)/seller(s)||Existing shareholders in Metlifecare Limited|
40.52 percent - New Zealand, New Zealand Public
34.59 percent - New Zealand, The Todd Corporation Limited
24.86 percent - New Zealand, Keene (Brian Paul) and Cook (Susanna Catherine and Clifford James)
0.03 percent - Various, Various overseas persons
|Business activities||Health & Community Services - Community Services|
|Details of land involved|
35.9137 hectares of freehold comprising:
Bay of Plenty/Coromandel
|Consent Sought - 1995 Regs||To acquire up to 100 percent of the specified securities of and/or having the right to exercise or control the exercise of the voting power of and/or appoint or control the appointment of the board of directors of Metlifecare Limited.|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.
The Applicant proposes to acquire 25 percent of the issued shares in Metlifecare Limited (Metlifecare) from Private Health Care (NZ) Limited (PHC). To acquire PHC's stake in Metlifecare would trigger the need to bid for 100 percent of Metlifecare pursuant to the Takeovers Code.
Metlifecare owns and is the operator of 13 retirement villages throughout New Zealand, incorporating nine nursing homes and six hospitals, providing care to over 2,000 residents. Metlifecare is listed on the New Zealand Stock Exchange.
The proposed acquisition is part of the current focus of FKP Limited (FKP) and certain Macquarie Bank Limited (Macquarie) managed funds in the aged care sector. Both FKP and the Macquarie Group have recently completed acquisitions in this sector.
The proposal is likely to result in the following benefits:
|Contact||Cameron Fleming/Jacqui Anderson|
P O Box 8