Metlifecare shares sold

All of Metlifecare's independent directors have now sold their shares in the company to Retirement Village NZ.

Peter Fitzsimmons, Michael Stiassny, Hylton LeGrice and their associates have sold 2,279,000 shares for $8,889,000 to Retirement Village NZ.

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 and so far has secured just under 70 per cent of the company.

The $3.90 offer closes on Saturday and Macquarie and FKP have said they will not increase the offer price.