Retirement village operator Metlifecare says its listing on the Australian stock exchange will enable more Australian investors to purchase buy shares in the event its biggest shareholder sells its stake.
The dual listing is planned for 21 October and market sources say Metlifecare is keen to get it underway before its biggest shareholder sells, so Australian investors can mop up the excess if needed.
The shareholder, Retirement Village Group, is rumoured to be selling its remaining 38% stake in the company when the escrow period ends on 23 November.
Metlifecare chief executive Alan Edwards has been visiting institutional investors in New Zealand to drum up support ahead of the rumoured sell off.
"It's well documented that RVG would be considering this as an option. I think that the listing may well help if that liquidity event did materialise."
He says the company has attracted more Australian investors in the past few years, and the dual listing will enable even more to invest in the event that those extra shares are made available.
The company is listing just 1 share on the Australian market, to comply with regulations.