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Placement Yields Eldercare $7 Million

Release: ElderCare New Zealand

Auckland – 21 March 2000 – Leading retirement care provider ElderCare New Zealand (NZSE: ELD) today announced it has issued 13.67 million shares to a number of leading New Zealand institutions and professional investors at a price of 51¢, raising a total of $6.97 million.

The placement has been managed by sharebrokers Forsyth Barr in accordance with Directors’ authority and will assist with the company’s expansion plans. The shares, which represent 10% of the company’s issued share capital, will be issued on 27 March 2000.

“The success of this placement round reflects the increasing institutional interest in ElderCare and an appreciation of the growth sector in which we participate,” says ElderCare CEO, Alan Clarke. “A proportion of the funds will be applied to meet ongoing development requirements of ElderCare’s business, including Regents Park and other greenfields projects. The remainder are earmarked to allow us to complete several line-of-sight acquisitions that we currently have in process.”

“We appreciate the assistance of Forsyth Barr with this round at a time when there are a number of competing demands for capital,” he added.

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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