Residential aged care facilities sold to Guardian

FOR IMMEDIATE RELEASE MARCH 13, 2007

Principal Healthcare Finance (NZ) Limited and Corporate Finance Limited sells residential aged care facilities to Guardian Healthcare Group

Corporate Finance Limited announced today the sale of six residential aged care facilities, formerly operated by New Zealand Life Care Investments (NZLCI), to the Guardian Healthcare Group.

The facilities sold are Sunset Lodge in Blockhouse Bay, Autumn Lodge in Wiri, The Booms Lodge in Thames, Redwood Lodge and Redwood Lifestyle cottages in Rotorua, Glenbrook Lodge in Whitby and Maidstone Lodge in Christchurch.

The operation of the facilities was leased to subsidiaries of NZLCI from June 2000 by Principal Healthcare Finance (NZ) Limited. In October 2006, NZLCI went into receivership and since that time joint receivers John Cregten and Andrew McKay have operated the facilities.

Guardian Healthcare Group is the leading provider of aged health care services in New Zealand with a strong reputation in providing high quality care. It currently has 40 rest home and hospital facilities, 12 residential villages and a personal medical alarm business.

There are currently 400 employees working across all facilities who will be offered employment by Guardian Healthcare Group with the same remuneration and benefits as their existing terms and conditions with NZLCI.

Director of Corporate Finance Limited John Cregten said a rigorous tender process was undertaken before Guardian Healthcare Group was chosen as the successful bidder.

“With a strong reputation for providing high quality care, Guardian Healthcare Group represents the best outcome for residents, their families and staff,” Mr Cregten said.

Guardian Healthcare Group Chief Executive Dwayne Crombie said the group is pleased to welcome the new employees from these facilities to the Guardian Healthcare Group family.

“We are looking forward to continuing to provide the residents in these facilities with the wholehearted care that we are renowned for,” Mr Crombie said.

“I can assure the residents and their families that they will continue to receive an excellent standard of care in line with our Guardian Healthcare Group promise.”

ENDS

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