New Zealand Professional Investment Services Firm

Forsyth Barr

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Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

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New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<h2>Metlifecare (MET)</h2>
Non-binding indicative offer of NZ$6.00 per share from APVG
MET has released a statement that they have received an NBIO from APVG (EQT’s vehicle to acquire MET) for NZ$6.00 per share. The NBIO does not have any “material adverse change” clauses or requirements for independent advisors valuation. It does, however, require MET to fully settle the ongoing litigation. The MET release states that MET’s board is engaging in “good faith” to see if the NBIO can be converted into a Binding Scheme Implementation Agreement. &nbsp;&nbsp;
In-line with Forsyth Barr price target and at the lower end of the range of the independent adviser’s report
The offer price of NZ$6.00 (Forsyth Barr PT NZ$6.00) is at the lower end of the independent adviser’s report (NZ$5.80 - NZ$6.90) and at a 15% premium to Friday’s close of NZ$5.22.
<ul>
<li>MET will now canvass shareholders on “whether they prefer this alternative”. According to the release, the NZ Super (20% owners of MET) is broadly supportive of MET progressing with the NBIO, and a recent article in the NBR suggests that several HF’s have urged MET to engage with EQT with regards to a lower offer.&nbsp; &nbsp;</li>
<li>The NZ$6.00 offer price is 14% below the previous NZ$7.00 offer price but also 15% above Friday’s close and 30-35% above the undisturbed MET price from last year and c. 30% above MET’s average share price since APVG withdrew its offer on April 8th, suggesting that the market ascribed a low probability of the original offer being forced through.</li>
</ul>
MET has only briefly traded above the revised offer price of NZ$6.00 for the last five years.
MET share price last 5 years
<figure class="editor-figure mceNonEditable"><img src="https://mail.google.com/mail/u/0?ui=2&amp;ik=f57c39853c&amp;attid=0.1&amp;permmsgid=msg-f:1671413584979306283&amp;th=17320dcccd74272b&amp;view=fimg&amp;sz=s0-l75-ft&amp;attbid=ANGjdJ8QYiXVJFlnP_Swx8LkyLBNkt5TagVs6MFfPO6EwPmHVyYUb8yHYI8mmEgUQ0OKO3-cpobvNAFPlrxCPJ4ginGs57cBe-r0H-4gwaUZUmP9GRL42hTQqC1xlqs&amp;disp=emb" width="368" height="212" class="editor-image img-responsive" data-image-whitelisted=""></figure>
Source: Forsyth Barr analysis. Eikon
Aaron Ibbotson &nbsp;CFA Director / Senior Analyst, Equities Forsyth Barr Limited&nbsp;
P: +64 9 368 0024 | TF: 0800 367 227&nbsp; Level 23, Lumley Centre, 88 Shortland Street, Auckland

Metlifecare (MET)
Non-binding indicative offer of NZ$6.00 per share from APVG
MET has released a statement that they have received an NBIO from APVG (EQT’s vehicle to acquire MET) for NZ$6.00 per share. The NBIO does not have any “material adverse change” clauses or requirements for independent advisors valuation. It does, however, require MET to fully settle the ongoing litigation. The MET release states that MET’s board is engaging in “good faith” to see if the NBIO can be converted into a Binding Scheme Implementation Agreement. &nbsp;&nbsp;
In-line with Forsyth Barr price target and at the lower end of the range of the independent adviser’s report
The offer price of NZ$6.00 (Forsyth Barr PT NZ$6.00) is at the lower end of the independent adviser’s report (NZ$5.80 - NZ$6.90) and at a 15% premium to Friday’s close of NZ$5.22.

MET will now canvass shareholders on “whether they prefer this alternative”. According to the release, the NZ Super (20% owners of MET) is broadly supportive of MET progressing with the NBIO, and a recent article in the NBR suggests that several HF’s have urged MET to engage with EQT with regards to a lower offer.&nbsp; &nbsp;
The NZ$6.00 offer price is 14% below the previous NZ$7.00 offer price but also 15% above Friday’s close and 30-35% above the undisturbed MET price from last year and c. 30% above MET’s average share price since APVG withdrew its offer on April 8th, suggesting that the market ascribed a low probability of the original offer being forced through.

MET has only briefly traded above the revised offer price of NZ$6.00 for the last five years.
MET share price last 5 years

Source: Forsyth Barr analysis. Eikon
Aaron Ibbotson &nbsp;CFA Director / Senior Analyst, Equities Forsyth Barr Limited&nbsp;
P: +64 9 368 0024 | TF: 0800 367 227&nbsp; Level 23, Lumley Centre, 88 Shortland Street, Auckland

Metlifecare (MET): Non-Binding Indicative Offer of NZ$6.00 Per Share from APVG

Metlifecare Ltd

Metlifecare (MET): Non-Binding Indicative Offer of NZ$6.00 Per Share from APVG