Metlifecare valuations fall, but gap with scheme offer widens

Metlifecare's underlying annual net profit fell slightly but a $74.8 million drop in the value of its retirement villages meant a $33.7 million net loss. The results led to net tangible asset backing per share falling 3 percent to $7.18, which nevertheless highlights the gap between market value and the $6 per share scheme of arrangement that four of the six directors are backing. The year earlier NTA has been restated at $7.41 from the previously reported $6.96 to reflect changes in calculating deferred tax liability. The drop in valu...