18 Jul 2012

Price now set for sale of Metlifecare shares

11:59 am on 18 July 2012

Metlifecare says the price has been set for the sale of a portion of Retirement Villages New Zealand's shares in the retirement village operator.

Retirement Villages will sell 22.5 million shares at $2.20 each after conducting a bookbuilding exercise to determine demand from other investors.

That will reduce its stake in Metlifecare to 43.2%.

Metlifecare says demand for shares was three times the amount available.

The sale is part of Metlifecare's deal to buy Vision Senior Living and Private Life Care.