NZ's Metlifecare sells new shares to raise NZ$70m

WELLINGTON Thu May 30, 2013 4:50pm EDT

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WELLINGTON May 31 (Reuters) - New Zealand rest home operator Metlifecare Ltd said on Friday it had raised NZ$70 million ($56.5 million) through a share issue to fund future expansion.

It said it had sold about 22.5 million new shares at NZ$3.10 each, a discount of 8.3 percent to the stock's last price before it was placed on a trading halt.

"The capital raising has generated strong support from our existing shareholders. The capital raising was also successful in attracting a number of new offshore institutional investors and expanding our shareholder base through eligible investors of the retail brokers," Managing Director Alan Edwards said in a statement.

The issue was totally underwritten and managed by Goldman Sachs.

Existing shareholders will be offered the chance to buy extra shares at a later stage.

The capital raising follows Metlifecare's acquisition of the unlisted Vision Senior Living Limited and Private Life Care Holdings Limited (PLC) last year.

Metlifecare Is New Zealand's third-biggest listed retirement village operator by capitalisation, after Ryman Healthcare and Summerset Group.

($1=NZ$1.2391)

(Gyles Beckford)

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