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ElderCare’s Purchase of Two Hospital Facilities

Media Release
Thursday, 9 March, 2000

ElderCare’s Purchase of Two Hospital Facilities
Strengthens Integrated Care Approach


Auckland – 9 March 2000 – Listed retirement care provider ElderCare New Zealand (NZSE: ELD) today confirmed it will acquire two hospital care facilities with settlement on 31st March 2000. The purchase of Te Mana, located on Auckland’s North Shore and Otumarama in Nelson will take the total number of beds managed by the company to 904.

ElderCare New Zealand Chief Executive Officer, Alan Clarke says the Te Mana acquisition, which includes 42 hospital beds and 6 nursing home beds, will enhance the company’s ability to provide an integrated range of services based around its Continuum of Care operating model. “As we see a growing number of residents transition into hospital-type care, we believe it is important that we provide a seamless approach to meeting their changing medical and social requirements. The purchase of Te Mana is fundamental to this approach, as it allows us to offer our existing North Shore nursing home residents a wider range of coordinated health support services specifically designed to meet their gradually changing needs.”

The purchase of the 50 bed Otumarama hospital in Nelson will expand ElderCare’s South Island network and see the company manage contracts for the care of dual dependency residents and those with Huntingtons Disease. Clarke says Nelson is a region with a large retirement community and one where the ElderCare approach will be an attractive option for elderly people.

“Providing the right care option to suit the needs of the individual is what ElderCare is all about. Otumarama will allow us to provide the Nelson region with services that provide the right care, in the right place, for the right amount of time. In doing so we can help residents gain and maintain as much control and independence in their lives as possible,” says Clarke.

In the immediate future ElderCare will focus on developing infrastructure initiatives at Te Mana and Otumarama to enhance nursing staffs ability to meet the needs of residents.

Company Background
ElderCare New Zealand Limited (NZSE: ELD) is a retirement care provider. The company owns a substantial portfolio of nursing homes and assisted living facilities throughout New Zealand at which they offer broad and varied services for the healthcare needs of elderly people.

ENDS

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