Metlifecare changes tack on share buyback after 'robust feedback'

Paul McBeth
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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