Metlifecare changes tack on share buyback after 'robust feedback'

Thu, 24 Oct 2019

Metlifecare took on board "robust feedback" from its major shareholders and will buy back up to $30 million of shares, having rejected such a move two months ago. Chair Kim Ellis told shareholders at today's annual meeting that the share price was a "significant and largely unexplained discount to the underlying value of Metlifecare," and that buying back shares was a means to close that gap. The shares rose 4.7 percent to $4.86, still a steep discount to the net tangible asset value of $6.96 per share. "After extensive consideration an...

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