Street Talk.<\/p>\n
Macquarie Capital is lining up fund managers for another potential aged care listing. <\/p>\n
As Street Talk first reported on Thursday, the broker is booking fundies to meet New Zealand's Oceania Healthcare for a non-deal roadshow starting next Friday. <\/p>\n
Oceania is owned by Macquarie's infrastructure arm MIRA and is exploring options for an initial public offering including a listing on the ASX. <\/p>\n
It's expected to tell fund managers that the company's earnings were worth $NZ47 million in the 2016 financial year, which was up from $NZ29 million a year earlier. <\/p>\n
Oceania is expected to be pitched as a growing aged care sector play, with the company requiring capital to fund its brownfield development pipeline of about 1000 units. <\/p>\n
Management is expected to front Kiwi fundies late next week, before travelling to Australia. <\/p>\n
Oceania is one of New Zealand's largest owners and operators of retirement villages, with 49 locations and 25 villages. <\/p>\n
Fund managers are expected to compare it to the already listed Summerset Group Holdings, which has a $1.04 billion market capitalisation and investors including Cooper Investors and Harbour Asset Management. <\/p>\n
There are a few differences between Kiwi operators and Australian aged care companies. The key one is that New Zealand's do not have liabilities associated with accommodation bonds, as is common practice in Australia. <\/p>\n
The investor meetings come as Oceania's owner MIRA assess floating the company. A decision whether to push ahead with a deal is expected in the coming months. <\/p>\n
Macquarie Capital's involvement comes only months after it helped raise $137 million for Australia's Estia Health, and after listing fellow aged care providers Japara Healthcare and Regis Healthcare in recent years. <\/p>\n
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Macquarie books fundies for Oceania Healthcare non deal roadshow - The Australian Financial Review<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Street Talk. Continue reading