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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nmc Health Plc | LSE:NMC | London | Ordinary Share | GB00B7FC0762 | ORD 10P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 938.40 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 940.00 | 941.60 | ||||
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 938.40 | GBX |
Nmc Health (NMC) Share Charts1 Year Nmc Health Chart |
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1 Month Nmc Health Chart |
Intraday Nmc Health Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 22/1/2024 | 19:17 | NMC Health | 10,716 |
| 12/4/2020 | 15:35 | NMC Health new | 189 |
| 23/2/2020 | 11:57 | NMC Podcast | 4 |
| 12/2/2020 | 15:18 | One of the best stocks | 15 |
| 12/2/2020 | 14:51 | Share price | 26 |
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Posted at 22/1/2024 19:17 by triskelion The Administrators' Report to 8 October 2023 was filed 14 Novemberand for shareholders appears to make the same baleful reading; check it out for yourselves and read earlier posts. "As outlined in previous reports, in March 2022 the High Court of Justice, Business & Property (Chancery Division) granted a 36 month extension to the period of the administration, which is now due to complete on 8 April 2025. Given the agreed trial timetable for the EY claim, which states that the trial will not commence prior to 21 April 2025, we may require a further extension in the future. If required, we will make the necessary application to the court." -p.4 "3.4 Shareholders Whilst the final position in respect of asset realisations and unsecured creditor claims remains uncertain, we do not currently anticipate that there will be sufficient funds available to allow a distribution to shareholders." - p.11 "4.2 US Class action" on p.13 might be worth reading concerning moratorium on proceedings against NMC in the USA and stay of certain class action proceedings there against others e.g former directers. Presumably nothing new as it refers to 2022. |
Posted at 14/12/2023 11:41 by xongkudu VasI did email the two solicitors handing the case against nmc but no response. I think the main thrust of their claim is that the auditors were negligent in signing off year end accounts which seems logical. If I was handling the claim i’d also look at widening the lawsuit net to potentially join-in their bankers and other parties who may also have fallen asleep at the wheel and not picked up the massive fraud going on. |
Posted at 01/8/2023 18:11 by triskelion I've had a reply from the administrator's representative but at a glance it doesn't materially alter the position as relayed above referencing the 15 May progress report and it doesn't say I may reproduce or publish it. Anyone wanting clarification might best try emailing or phoning the contact/s at the link above vizhxxps://www.ips-docs Without going into more detail (or extending vain hopes) the action by Fidelity mentioned by m w above seems premature. |
Posted at 27/7/2023 16:12 by jonnybig I remember reading somewhere that they intend to sue the hell out of the auditors (and why not? They missed 4 billion debt!!!!) But whether it's the same scale as Arthur Anderson many years ago which destroyed them,remains to be seen.If I make a bad judgement call re my investments and lose,then fair game. But I got defrauded 3 grand with the nmc scandal .it's as bad as being robbed so somebody needs to be brought to account and get locked up! |
Posted at 27/7/2023 15:30 by triskelion hxxps://www.ips-docsReference, contacts etc. Given the varying broker infos/treatment you could try emailing but who knows if you will get any reply, though an announcement by the administrators would help clarify, even if just to say no change since the 15 May admin progress report. Or whatever. Page 4 of the admin prog. rep. also says they may apply to extend the admin period given the action against E&Y will not begin before 21 April 2025 - but on page 11 it remains as before - no current expectation there will be sufficient funds to allow a distribution to shareholders though "the final position in respect of asset realisations and unsecured creditor claims remains uncertain". Whether that is factoring in any estimated returns from (assumed successful) litigation - dunno. |
Posted at 08/10/2022 13:47 by triskelion My other brokers have been a bit more reserved and basically said the administrator's reports are filed at Companies House so trace them there; meantime they are keeping the securities showing in accounts.This looks like it for NMC Health Plc (in administration): Document: Administrator's Progress Report, 10 May 2022. (Annoyingly, not OCR'd, just image file). p.12 "3.4 Shareholders Whilst the final position in respect of asset realisations and unsecured creditor claims remains uncertain, we do not currently anticipate [sic] that there will be sufficient funds available to allow a distribution to shareholders." In the preceding section about unsecured creditors it says: "Our investigations are ongoing and complex and, based on the inherent uncertainty in the financial position of the Company, we consider that a meaningful estimate of the timing and quantum for an unsecured creditors dividend cannot be made at this time." HMRC's list is supposed to be of assets of "negligible value" including formerly listed securities, not assets of "zero value". Maybe they should be reminded of this fact, and given the administrator's remarks above about shareholders, not try and string it out a la Jarndye v Jarndyce based on the preceding remarks concerning unsecured creditors. "What 'negligible value' means For tax purposes there is no accepted definition of 'negligible value', but generally it applies to assets that have become worth next to nothing while someone has owned them. Assets cannot have been of negligible value when you acquired them, they must have become of negligible value while you have owned them. How to make a negligible value claim If you can give evidence to HMRC that shows that your assets no longer have any value since you acquired them, you may be able to make a negligible value claim. You can use this to realise a loss to reduce your Capital Gains Tax liability. Make a claim by either: writing to your tax office entering a negligible value on your tax return Your tax office may ask the Shares and Assets Valuation team to consider your claim." Whether or not HMRC accepts a negligible value claim at this time, I wonder if there is more danger in not submitting the claim now (year 2021-22 seems appropriate)...? |
Posted at 03/5/2022 08:43 by diverzeusy1 Advice please anyone who knowsMy NMC where held in a tax free ISA Can I somehow use the NMC loss against my self assessment tax return?? Thanks in advance 👍 |
Posted at 29/4/2022 13:55 by jimbo123elf The UK arm of EY, the big four accountancy firm, has been hit with a £2bn legal claim for alleged audit negligence over the collapse of NMC Health, the Gulf-based hospitals group which crashed into administration in 2020 amid an apparent fraud.hxxps://news.sky.com |
Posted at 01/10/2021 18:42 by yorked Have not looked at NMC for a long long time...... to put it simply, I'd lost over £18k ISA cash to the NMC scam and fraud.My timing was terrible for a start. I only opened the ISA share account in February 2020 with £20k, and in the afternoon on 26th February 2020, which was the last trading day of NMC before the suspension, I put all remaining money in my ISA account on NMC, about £18.2k in total; and less than 3 hours later all the money had disappeared forever!! I got the total wipe-out on my ISA account!!! It has been a long struggle to recover the £20k loss on the ISA account, and with £20k deposited after April 2020, the 2nd £20k did not start well neither, and by mid of July 2020 and in the midst of the pandemic, the 2nd £20k was reduced to about £15k. It has taken me until August 2021, helped with the 3rd £20k from April 2021 onwards, to get the ISA account to the about breakeven level, thanks to profitable dealings in MARS, MCRO, HYVE, HSS & CPI through the months, and to even a small £2k plus profit on paper by today's close. In a way, I have been lucky and I have been able to block out NMC from my mind for the past 18 months. And my share dealing account, which was also opened in February 2020, has made half-decent profit to soften the initial ISA loss, both psychologically and financially. Today I see NMC just as my bad dealing, but for many people it is their life-time savings. Without any question, those persons at NMC who were in charge at the time or carried out the fraud should be persecuted, and we have to wait and see. |
Posted at 07/4/2020 07:54 by urbanvoltage Thoughts...NMC could issue 400 million shares to an outside institutional investor at £10...like Capital Group, for £4 billion they would be buying a large slice of a great asset...Dubai: NMC Health getting placed in administration by a UK court order would be the “worst-case scenario” for the company’s future, according to the hospital operator’s Executive Chairman. “Especially in the current circumstances,” Coming under administration will lead to “value destruction and will have a significant influence on NMC’s business, stakeholders, and on the company’s ability to efficiently provide its services,” Belhoul said. “No one will disagree that putting a company through administration is destructive. It is proven by all previous cases. “To that extent, the logic really implies that all parties will have to sit down together to find a solution - especially in view of the pandemic. We cannot lose focus on that… and NMC’s role in providing its services.” What being in 'administration' means This is a situation that all businesses have well-founded reasons to dread. It essentially means that a court and its appointed administrators get to decide how the affected company is managed. The business’s management and shareholders will then have no say in the situation. Faisal Belhoul Faisal Belhoul has two priorities - work out a short-term deal with NMC's creditors on repayments. And stabilise the NMC network's operations. Image Credit: Gulf News Archive The threat of coming under administration is a live one after Abu Dhabi Commercial Bank earlier this week confirmed it had filed a request with a UK court for NMC to be placed under a joint administration. The first hearing is scheduled for April 9. If the court judges in favour of ADCB, it will mean that NMC’s running will come under a court-appointed administrator and not the company’s Board of Directors or management. ADCB – which has an exposure of Dh3.6 billion to NMC and affiliates - filed its request in a UK court because NMC Health is listed on London Stock Exchange Prevent it at any cost This is what Belhoul wants to stave off – and discussions continue with ADCB and other lenders who have a say in the matter. UAE banks’ combined exposure to NMC Health and its previous management is at Dh10 billion plus. (Much of those funds never even entered NMC’s books.) The April 9 deadline is “putting a lot of pressure of time,” Belhoul said. “We are doing everything possible in our direct communications with ADCB and other creditors to ensure alignment on the future direction of. “I have come into the Board of Directors with no baggage of the past. And I come with the prerequisites, the experience to deal with businesses of this scale. I do understand the language of the business of lenders. “I am here to really make things work, not sit to represent one side. That’s really important for lenders to understand - and cooperate - with me.” Backs to the wall NMC Health has had a stormy three months, since reports first came out late December that not everything was above board in the way its financials were being reported. Internal investigations were launched and led to the immediate dismissal of Prashanth Manghat, the CEO. There were also departures from the Board of the founder, Dr. B. R. Shetty, and two other principal shareholders. Ongoing investigations by the company reveal that it now owes more than 80 banks $6.6 billion – that’s $4 billion more than when these audits started. No one so far has a clue as to where the additional funds ended up. Go easy on debt payments While Belhoul keeps the channels open with banks on the UK legal tangle, simultaneous discussions are on to get them to agree to a debt payment moratorium, or a standstill agreement. If such a deal is reached, NMC gets more time to shore up its funds and then pay off lenders. But will banks agree? “I came into this situation with open eyes,” said Belhoul. “I knew there would be lots of different aspects to it. But I do see it as a national obligation… a commitment to support a company of this scale and operating in such a critical sector as healthcare. “A standstill agreement is a key component of being able to move forward. It requires lenders to be willing to cooperate and give time to the new management to address challenges and stabilize the company. The first priority for us is regain the confidence of the lender community. “They have all the right to have lost confidence by virtue of what they discovered of the previous management. “ Willing to listen to creditors It was reported that ADCB wanted a seat on the NMC Board, but still went ahead with filing a case in the UK court. Shouldn’t Belhoul and the new management have been more lenient to creditor demands? “We had openly communicated that the company recognizes the importance of lenders - as a matter of fact, we recognize them as the most important stakeholder,” he said. “We extended to ADCB all forms of access, including a seat on the Board of Directors. “And allowing them to be a part of all key tracks, which includes the investigations (into the potential cases of fraud by the previous management.) “We have so far not received any practical solutions. We hope that over the course of the discussions, there will be feasible solutions from all parties.” Bring in more money According to Belhoul, international institutional investors are keen to take an exposure in NMC despite its current predicament. “This is only my second week… but I already have received offers from institutions willing to invest and support the company and get involved in further negotiations with creditors,” he said. “If anything, it shows the extent of the relationship and credibility that I have with international investors. “I hope the NMC creditors, especially ADCB, will give me the time to display all those options and engage in productive discussions. That will be the path forward to salvage the NMC business.” ASSET DISPOSALS No decisions have been made to sell off any part of the NMC Health Group and raise funds. There had been reports about the new management planning to sell the group’s medical equipment business. “When any company goes through certain challenges, the question of asset disposal is raised,” said Faisal Belhoul. “But the priority right now is to maintain the business integrity and scale. Moreover, the company may not get the right values given the circumstances it is going through and the state of the overall market. “All divestment ideas will be evaluated in the future as part of a strategic plan of what should stay and what can go. And definitely, it will not be done without the consent of key stakeholders, including creditors.” |
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