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Metlifecare Notice of Meeting, Independent Directors' Letter
Metlifecare Notice of Meeting and Independent Directors' Letter
Metlifecare has today released the Notice of
Meeting and Letter to Shareholders, in regards to its
proposal to acquire two New Zealand retirement village
providers - Vision Senior Living Limited (Vision) and
Private Life Care Holdings Limited (PLC).
The Shareholders’ Meeting will be held on Thursday 21 June 2012 at 11am at the Ellerslie Convention Centre.
Additional information on the fairness of the proposed transaction was provided in the Independent Appraisal Report which was prepared by Northington Partners, and released by Metlifecare on Tuesday 5 June 2012. The overall conclusion on the merits of the proposed transaction, as determined by Northington Partners, was as follows (page 14 of the report):
Taking all of the key elements of the proposed transaction into account, we conclude that the terms and conditions are fair to Metlifecare Minority Shareholders. The merger of the Vision and PLC businesses into Metlifecare:
• Will take place at appropriate relative values for each of the merging entities;
• Provides the existing Metlifecare shareholders with a level of protection against the merged entity performing poorly via the structure governing the issue of the Conditional Vision Shares; and
• Provides the Metlifecare Minority Shareholders with potential share price upside (especially in the medium term) at an acceptable level of risk.
Notice_of_Meeting_doc.pdf
Letter_to_Shareholders.pdf
Metlifecare
At Metlifecare we create homes and communities
At Metlifecare we create homes and communities. Places of belonging, villages humming with life. With a range of unique villages nationwide (and more in development), plus more than 30 years in the business of looking after Kiwi retirees, we are a well-known and trusted operator, and we take our role seriously. 31269 8387
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