22 Oct 2013

Stake sale news spurs Metlifecare share price

7:53 am on 22 October 2013

Metlifecare shares soared nearly 8% on Monday after the company's major shareholder announced it will sell its stake in November.

The shares rose 26 cents to $3.60, their highest level since May.

The manager of the 37.7% shareholder in Metlifecare, Retirement Villages Group, said it had appointed Goldman Sachs to sell its stake in the retirement village operator.

The manager said the stake comes out of its selling restriction period on 23 November.

Forsyth Barr analyst Jeremy Simpson said the sell-down has been well-flagged and has been weighing on Metlifecare's share price.