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ElderCare Sells Te Mata Block for $1.15 million

Auckland – November 16, 2001 – Healthcare provider, ElderCare New Zealand (NZSE: ELD) today announced that it had reached an unconditional agreement to sell the major part of a block of development land at Te Mata for $1.15 million. Settlement will be on 28 February 2002 and will lift the total value of assets realised under the Company’s restructuring programme to $11.6 million.

“Proceeds from the sale will be applied to further reduce Group debt and improve ElderCare’s financial position, supporting our expansion in the medical and healthcare service sectors,” said ElderCare CEO, Alan Clarke.

ElderCare plans to sell the residual part of the Te Mata block in small lots to individual owners or builders, in order to achieve a better return.

ENDS

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