Watson Takes Stake in Metlifecare
United HealthCare, a wholly owned subsidiary of Eric Watson’s Cullen Investments, today announced that it had acquired a 10.11% shareholding in listed aged care provider, Metlifecare.
“We think that Metlifecare is a great asset
in a industry sector with high growth potential,” said
Watson. “The aged care market in New Zealand is
under-serviced and is forecast to experience strong demand
over the next few years. Cullen is already involved in the
sector through our stake in ElderCare and we are interested
in getting additional exposure. In terms of structure and
long-term prospects Metlifecare fits our investment profile
“The company seemed to have lost its direction and has been under-performing for some time now. We believe that is a direct result of lack of management focus and the uncertainty surrounding it future ownership. However the fundamentals remain sound and its prospects looking forward are very encouraging.
“Todd Corporation’s involvement will bring stability and certainty to the register and augurs well for the future. Having Cliff Cook reaffirm his commitment as a long-term investor in the company means that we are very happy to take an interest in the company.”