NMC Health Plc Statement regarding Abu Dhabi Commercial Bank (8197I)

TIDMNMC

RNS Number : 8197I

NMC Health Plc

06 April 2020

6 April 2020

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NMC Health plc

(the "Company" or "NMC")

Statement regarding Abu Dhabi Commercial Bank

The Company announces that it has been informed by lawyers acting for Abu Dhabi Commercial Bank PJSC ("ADCB") that ADCB has filed an application dated 2 April 2020 with the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD) for the appointment of administrators in respect of the Company under paragraph 12(1)(c) of Schedule B1 to the Insolvency Act 1986 (the "Application"), and that a hearing has been scheduled for 9 April 2020.

The Board is in discussions with ADCB and other creditors to address creditors' concerns; to have the application withdrawn; and to avoid the appointment of administrators, which it does not believe would be in the interests of stakeholders as a whole. The resolution is likely to involve material changes to corporate governance of the group and the composition of the Board itself.

The individual responsible for releasing this announcement is Simon Watkins, Group Company Secretary.

Enquiries:

 
  NMC Health plc 
 Asjad Yahya, Head of Investor Relations                     [phone] 
 
   FTI Consulting 
 Edward Bridges / Simon Conway / Victoria Foster Mitchell    [phone] 
 Shane Dolan                                                 [phone] 
 

About NMC Health

NMC is one of the leading private healthcare operators in the Gulf Cooperation Council ("GCC") with an international network of multi-specialty inpatient and outpatient clinics and hospitals, specialized maternity and fertility clinics, and long-term care homes hospitals across nineteen countries. NMC also ranks as one of the top two in-vitro fertilisation operators globally. The NMC Health group is recognised as a leading provider of long-term medical care in the UAE through its subsidiary ProVita. Pursing a selective international expansion programme since 2016, NMC has total capacity of 2,207 licensed beds across its network. Moreover, the recent formation of a joint venture with GOSI/Hassana Investment Company provides a solid platform for continued growth in the GCC region's largest healthcare market. The NMC Health group treated over 7.5 million patients in 2018. The NMC Health group is also a leading UAE supplier of products and consumables coming from healthcare related products. NMC reported revenues of US$2.1 billion for the year ended 31 December 2018.

In April 2012, NMC was listed on the Premium Segment of the London Stock Exchange.

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April 06, 2020 02:00 ET (06:00 GMT)