Retirement Village has 75.6pc of Metlifecare

Retirement Village NZ now holds 75.6 per cent of Metlifecare, according to a substantial security holder notice posted today.

Retirement Village NZ is a joint venture between Macquarie Bank and Australian property company FKP. The joint venture launched a takeover offer for Metlifecare in October. The offer at $3.90 per share is due to close on Monday.

Metlifeshares last traded at $3.88.

Independent advisers Grant Samuel have said the offer was fair. Grant Samuels valued Metlifecare's shares in a range of $3.63 to $4.15. The value was based on 100 per cent of the company and included a premium for control.

Fisher Funds Management chief investment officer Warren Couillault said today the fund would not be accepting the Retirement Village's offer for its 11.6 per cent stake. That would be enough to block Retirement Village from owning over 90 per cent and being able to compulsorarily buy the rest.

Listed investment company Kingfish Ltd, whose investments are managed by Fisher Funds, holds 2 million shares in Metlifecare, which represents 10 per cent of Kingfish's assets. The remainder of Fisher Funds' 10m Metlifecare shares are spread across a number of its investment accounts.

- NZPA