PEB replacing MET in the NZX50 according to this.
Good day for PEB holders. :t_up:
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PEB replacing MET in the NZX50 according to this.
Good day for PEB holders. :t_up:
legal delays announced today - as always the legal wheels turn slowly
it is never good to have commercial matters held over waiting for legal outcomes.
disclaimer - short
https://www.nzx.com/announcements/361703 Effectively all done and dusted now.
c'est la vie - MET will be remembered as a company that could have, should have but didn't have.
In the end 91% of shareholders thought all MET was worth was $6 and as mentioned before with the current management and board performing at a well below average level it was very hard to make a compelling case for more. Really the N.Z. Superannuation fund hog tied the directors from trying to do better but if between them they had a pair, this should have gone another round to at the very least get to the mid point of the independent valuation, ($6.35).
Substantial value will accrue to APVG due to the extremely weak way the Board handled this fiasco. To the victor goes the spoils...
If the court sign off is tomorrow, when can we expect our holdings to be paid out?
Apparently 3/11/20 https://www.nzx.com/announcements/361485
https://www.nzx.com/announcements/361771
"SCHEME RECEIVES FINAL COURT APPROVAL
Metlifecare Limited (NZX: MET, ASX: MEQ) confirms the timetable for the Scheme of Arrangement (Scheme) with Asia Pacific Village Group Limited (APVG) following today’s decision of the High Court to issue final orders in respect of the Scheme.
Subject to remaining customary completion conditions being satisfied or waived, the Scheme timetable is:
Trading in Metlifecare shares suspended on the NZX and ASX 23 October 2020, close of trading
Scheme Record Date 29 October 2020
Scheme Implementation Date 3 November 2020
De-listing of Metlifecare from the NZX and ASX 3 November 2020, close of trading
Holders of Metlifecare shares at 5.00 pm (NZ time) on the Record Date will be entitled to receive the Scheme consideration of NZ$6 per share in cash, which will be paid on the Implementation Date (expected to occur on 3 November 2020).
Metlifecare shareholders who wish to participate in the Scheme do not need to take any further action. Metlifecare shareholders who do not wish to participate in the Scheme must sell their shares before the close of trading on 23 October 2020.
This announcement is authorised for release to the market by the Company Secretary."
Almost all over Rover, bar shelling out the takeover bucks and then delisting
Possible 50% gain since early April 2020
Quite a nice ride along the way too
What others will benefit from the inflow of MET Takeover Ca$h ?
Failure to properly plan and provide for population growth as a result of immigration policy results in rushed rezoning and rushed and often unwanted suburban intensification.
Absolute shame that yet another company delists and heads into foreign ownership at a bargain price perhaps.