NZ based retirement village operator Summerset commenced trading on the ASX last Thursday, however theyre not planning to expand operations into Australia. The move, they say, is to gain access to institutional investors. Summersets progressive model of building retirement villages with co-located care has been an overwhelming success in its home country.
The soaring share price lifted from NZ$2.20 at the start of 2013 and is now around NZ$3 a share, a probably consequence of the company having exceeded most of its targets since listing. Summerset began operating in 1997. If the intention is to gain local investment they clearly will need to see volumes increase substantially from the first few days trade which saw less than 10,000 shares change hands.