All Black Dan Carter increased his shareholding in Arvida 18 Dec 2014
Related articles
- NZ consumers grow more upbeat, may resume spending Business
- Knowles quits as CEO of KiwiBank Business
- NZ migration bolstered by British invasion Migration
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
- OceanaGold finds new gold deposits at Fraser mine Business
- Transpower gets go-ahead for $170m SI upgrade Business
- NZ home sales creep up in March, still subdued Property
- NZ economy expands at fastest pace in two years Business
- New Zealand food prices fall in February Business
By Fiona Rotherham
Dec. 18 (BusinessDesk) - All Black Dan Carter said he increased his shareholdings in the retirement village sector when supporting the initial public offer of Arvida Group which debuted on the NZX this morning.
The stock rose 2 percent after Carter rang the bell to signal the stock’s debut on the exchange in a ceremony at the NZX head office in Auckland this morning. It has since dropped back to its offer price of 95 cents, which valued the new retirement village operator at $215 million.
The Christchurch-based company has merged 17 retirement villages and aged care facilities in a roll-up that chief executive Bill McDonald said could be extended to other retirement villages that have expressed interest once the existing merger is further bedded down.
Carter said he initially invested in several retirement villages on the advice of his business mentor, the late Grant Adamson, who was the original impetus behind Arvida. He unexpectedly died two weeks into the roll-up process.
Other All Blacks, including Richie McCaw and Kieran Reid, also owned shares in one of the facilities involved in the Arvida merger, Christchurch’s Park Lane Retirement Village.
Carter said professional rugby players were lucky to get 10 years out of their careers so it was important to invest the money they made wisely as they went along.
When asked about his investment in the now liquidated Gas Clothing menswear chain, Carter said timing was an issue with that. “You learn from your mistakes and I felt I did that. It was not the best experience but I learned a lot from it.”
Creditors were owed $1.1 million when the chain went under and the final liquidators report said unsecured creditors owed around $26,000 were unlikely to recover their money.
Carter said when he eventually hangs up his boots he may look at investing in other areas of the sharemarket as well but for now he thought the retirement village sector had good potential for growth.
He couldn’t say how much his shareholding had increased to under the IPO and wasn’t willing to say how much money he had invested.
The IPO included a $5 million priority pool for existing residents, staff and investors to buy into the company. Existing shareholders hung onto about 63 percent of the business.
NZX chief executive Tim Bennett said Arvida was the 16th listing on the market this year. Some $2 billion of capital had been raised from the IPOs this year, of which $500 million had gone back into the companies for growth, he said.
Arvida used the funds to repay $70 million of debt, and $4.35 million will be used to pay offer costs. After the IPO, Arvida expects to have debt of some $7.8 million and it has a $40 million bank borrowing facility that would enable it to carry out planned brownfield developments and any new acquisitions.
McDonald said further acquisitions were likely along with brownfield developments in various stages of completion which will see another 200 to 250 care beds and units or $9 million worth added to the portfolio by 2016.
(BusinessDesk)
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more