Summerset lifts long-term build rate forecast, bumps up bank funding

Tue, 20 Nov 2012

Nov. 21 (BusinessDesk) - Summerset Group, the rest-home operator whose shares have jumped 49 percent this year, says it has lifted its long-term annual build rate for new retirement units and agreed to an increase in its bank facilities to help fund the expansion. The Wellington-based company is now aiming to build 300 units a year by 2015 compared to a target in the prospectus for its initial public offering last year of 250 units a year by 2016. Summerset has increased its banking facilities by $30 million to $180 million and said it doesn...

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