Nmc Health Dividends - NMC

Nmc Health Dividends - NMC

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Nmc Health Plc NMC London Ordinary Share GB00B7FC0762 ORD 10P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 938.40 01:00:00
Open Price Low Price High Price Close Price Previous Close
938.40 938.40
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Nmc Health NMC Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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m w: https://m-economictimes-com.cdn.ampproject.org/v/s/m.economictimes.com/news/international/uae/abu-dhabis-mubadala-interested-in-buying-nmc-hospital-business-sources/amp_articleshow/81531394.cms?amp_js_v=a6&amp_gsa=1&usqp=mq331AQHKAFQArABIA%3D%3D
diverzeusy1: It's here also hxxps://www.thenationalnews.com/business/economy/uk-court-freezes-assets-of-br-shetty-and-other-nmc-shareholders-and-executives-1.1166702 Thing is, I don't think Shetty and his fraud crew will be going hungry or losing sleep over this. When will the court start selling their assets??
diverzeusy1: Gulf news reads good, however just remember shareholders are the bottom of the list, and not even mentioned, I think we will be extremely lucky to get anything back from NMC Health 😢
mohdusman44: The biggest comedy that I had come across. Another fraud company and its fraudster owners who had swindled funds from various banks now claiming that they are going for restructuring. Nice gimmick. KBBO Group, whose chairman was a significant shareholder in troubled hospital group NMC Health, appointed a team of restructuring advisers to help put together a plan to reorganise its outstanding liabilities to various creditors. “The group has been challenged by its exposure to NMC [Health] in addition to the Covid-19 outbreak, which has impacted various operations,” KBBO said in a statement on Wednesday. It said it “responded proactively, taking measures to reduce the impact and ensure the continuity of operations, especially across the healthcare and food businesses given their strategic importance to the national economy.” KBBO was founded in 2008 and invested in a number of healthcare companies, including NMC Health and Emirates Healthcare. It also invested in the education, food & retail, financial services, information technology and ventures sectors. The company did not disclose the scale of its debt, but said the objective of the restructuring was to deliver a fair and balanced outcome for all stakeholders. The company appointed Trussbridge Advisory and PwC Middle East as financial experts. Hadef & Partners and Cleary Gottlieb Steen and Hamilton will advise on the legal aspects of any agreements, which will be worked out under the supervision of the Financial Restructuring Committee (FRC). The FRC is a body set up in 2018 under the UAE’s bankruptcy law whose members include representatives from the Ministry of Finance, the Ministry of Economy, the Ministry of Justice, the Central Bank of the UAE, the Securities and Commodities Authority, and the Governments of Abu Dhabi, Dubai and Sharjah. Dissolution or liquidation 'likely' options for NMC Health BR Shetty and two other directors resign from NMC Health NMC Health vice chairman Khalifa Al Muhairi resigns “In light of the current market conditions, we believe the appointment of a team of restructuring advisors and experts is a critical step to facilitate the financial restructuring of the group’s operating companies in a timely and efficient manner,” KBBO chairman Khalifa Bin Butti Al Muhairi said. Mr Al Muhairi stepped down as vice chairman of NMC Health in February this year. "The group’s underlying assets remain strong and I am confident that this process will mean the business can return to growth in the near future," Mr Al Muhairi said. "It is our intention to reach a fair and balanced outcome for all stakeholders."
urbanvoltage: Bloomberg.... Abu Dhabi KBBO Set to Hire PwC, Trussbridge to Restructure Debt By Nicolas Parasie 25 June 2020, 10:16 BST Company was once one of NMC Health Plc’s biggest shareholders NMC is now being run by administrators Alvarez & Marsal Abu Dhabi-based KBBO Group, once one of NMC Health Plc’s biggest shareholders, is set to hire PwC and Trussbridge Advisory Ltd. to advise on its debt restructuring, people familiar with the matter said. KBBO, a privately-held investment firm with assets in healthcare and finance sectors, also plans to appoint a chief restructuring officer in the next few weeks to help coordinate the process, the people said, asking not to be identified because the matter is private. Creditors to the company have set up separate steering committees for both the healthcare and consumer side of the business and will also appoint advisers, the people said. The reorganization is being supervised by the United Arab Emirates’ Financial Restructuring Committee, people familiar with the matter said in April. KBBO Chairman Khalifa Bin Butti Omeir Al Muhairi stepped down as vice-chairman of embattled NMC in February amid confusion over the exact size of his stake in the hospital operator, which is being run by administrators Alvarez & Marsal Inc. after it succumbed to creditor demands.​ ​Al Muhairi had pledged NMC shares as collateral against loans, according to a December 2017 filing. He sold a combined 15% stake in the company along with former director Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi in January. Representatives for Trussbridge, KBBO and PwC declined to comment. Representatives for the central bank, the ministries of finance and economy -- all members of the Financial Restructuring Committee -- didn’t immediately respond to requests for comment. NMC’s shares plunged amid allegations of fraud in mid-December before being suspended on the London Stock Exchange. KBBO and some of NMC’s other major shareholders also held a significant stake in financial services firm Finablr Plc, which has also been suspended. Dubai-based Trussbridge is a boutique advisory firm which was set up by two investment bankers from JPMorgan Chase & Co. and Citigroup Inc.
urbanvoltage: 13 hours ago The administrators of NMC Health have questioned the firm’s founder, BR Shetty, as part of their inquiries into how the FTSE 100 hospital operator collapsed with billions of dollars of undisclosed debts. Alvarez & Marsal has begun interviewing directors, shareholders and staff of the private hospital operator as part of its efforts to establish its true financial position and salvage NMC’s assets for creditors. Mr Shetty, an Indian businessman who founded the firm in the United Arab Emirates in the mid-Seventies, is understood to be one of the people already interviewed. NMC plunged into administration in April after being hit by confusion over the ownership of its shares, billions of dollars of secret debts and suspected fraud. Mr Shetty vowed in April to clear his name and said he was the victim of “serious fraud”. He blamed company executives for the collapse of his business empire, which also includes Finablr, the struggling payments firm. A person close to the administrators said they are “only in the foothills of their Himalayan expedition” to unpick the web of transactions that brought down NMC. The investigation will involve a review of hundreds of thousands of accounting entries, according to a document filed at Companies House last month. Administrators and advisers racked up £722,391 in costs, including £380,000 for lawyers at DLA Piper, in the 18-day pre-administration period. Abu Dhabi Commercial Bank, one of NMC’s major creditors, has provided $1.5m to bankroll the administration with more expected to follow under a funding agreement. NMC’s subsidiaries, which continue to operate, are expected to shoulder some of the investigation costs, the administrators said. A slew of City firms, including the London Stock Exchange, Deloitte and FTI Consulting could lose hundreds of thousands of pounds of fees owed to them by NMC when it went bust. The exchange, where NMC’s listing was suspended in February, is owed £186,000. Deloitte is owed more than £56,000 while FTI is owed £200,000. Alvarez & Marsal said NMC may have drawn down materially less than the $7.4bn of debt facilities identified so far. Richard Fleming, one of the administrators, said his firm had inherited a complex situation and is assessing whether it can make legal claims or take other action. He said: “Our primary objectives following our appointment have been to ensure continuity of patient care, stability for staff and suppliers, protection of assets and immediate financial security for NMC’s operating companies.” Mr Shetty declined to comment.
bbmsionlypostafter: Https://www.theguardian.com/business/2020/may/29/scandal-hit-nmc-health-on-verge-of-liquidation Scandal-hit NMC Health on verge of liquidation Administrators outline position of UAE’s largest healthcare provider which faces multiple investigations Joint administrators for NMC Health, the holding company of the UAE-based healthcare provider NMC Group, have said the company will probably be dissolved or put into liquidation. Administrators from the consulting firm Alvarez & Marsal Europe were appointed in April to oversee the hospital operator, after an application from one of its biggest creditors, Abu Dhabi Commercial Bank. The bank has since begun criminal proceedings against an unspecified number of individuals at the company, which has been delisted from the London Stock Exchange and is now the subject of a UK accounting investigation. The administrators said it would not be possible to conclude the outcome of the process until all investigations had progressed and the liability position was ascertained. They also stressed that all of the constituent members of the wider NMC Group, the largest private healthcare provider in the UAE, were continuing as previously. “This is a standard part of the formal process of administration for NMC Health Plc, the holding company that was listed on the London stock exchange, and does not in any way impact the ongoing trading of the wider group,” said one of the joint administrators Richard Fleming. The administrators also said that, based on their current estimates, they anticipate the company’s preferential creditors could receive a dividend of approximately £1. NMC first came under scrutiny late last year when the US-based short-seller Muddy Waters criticised its financial statements. The company later revised its debt position to $6.6bn, $4bn more than it had previously disclosed.
urbanvoltage: Dubai: ADCB has initiated criminal legal proceeding with the Attorney-General in Abu Dhabi against a number of individuals in relation to NMC Health Group, the UAE's largest healthcare operator. "This action is consistent with the bank’s objective to protect its interests," the Abu Dhabi bank said in a statement, "ADCB continues to work closely with other creditors and the joint administrators to ensure continuity of NMC Health’s operations and a rapid recovery of the business." ADCB did not, in its statement, indicate the names of the people against whom charges have been filed. Nor has the bank – which has an exposure of Dh3.6 billion to NMC Health – confirm how many people are involved. The charges relate to a missing $4 billion plus that was taken out by NMC Health from local and international banks… and without any of that amount figuring in the company’s books. UAE banks alone have a combined exposure of Dh10 billion. lion. ‘Gulf News’ contacted NMC Health but has so far not ascertained who all come under the charges. It is also not known whether all these members were ex-officials at NMC or had been associated with the company in other capacities. And also unclear at this moment is whether any former members of the Board of Directors have been named. Most of the ex-management, including the former CEO Prashant Manghat, are reportedly outside the country. Dr. B.R. Shetty, NMC’s founder and until recently the chairman, has been in India for some time. Crack the whip The filing of criminal charges is the best indication that the internal investigations into the previous NMC management’s activities are winding down and it’s time for the local courts to take over. It is not known whether separate charges will also be filed in the UK since NMC is listed on the London Stock Exchange. And it was on April 9 that the UK High Court appointed three administrators to take over the running of the hospital operator, effectively superseding the interim management that was led by Faisal Belhoul, who recently acquired 9 per cent in the company. Second big corporate scandal This is the second major corporate scandal to reach the Abu Dhabi courts/prosecution in recent times – the current management at Drake & Scull International, once one of the biggest names in the UAE construction sector, has filed charges against the previous management, including a former CEO , Khaldoun Tabari. He was arrested at Jordan International Airport on January 15. Shot of confidence Filing of charges by ADCB will be a booster shot for other lenders to NMC, banking sources said. Time will tell whether other banks will also be filing separate charges. Expose all “wrongdoings” was a theme Belhoul had been insisting upon all through his stint as chairman at NMC. “It remains crucial that the investigation into any and all prior wrongdoings at the company is fully supported with relevant authorities,” said Belhoul, who emains an influential figure with his 9 per cent holding in NMC Health. “I will do all in my power to support this process, working with the administration team and other partners.” More to follow...
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,”; added Faisal Belhoul, who took on the position just over a week ago, after picking up 9 per cent in the beleaguered Abu Dhabi headquartered company. 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.”
nael2020: @Dudishes Evenl if the Russell decided the share price for the NMC is 116,3, when the NMC start again, it will be very difficult if not impossible to buy even one share at this price due to the following 1- Most of the current share holder they will never sell, its on opposite way, they will try to compensate and balance the value of their previous shares buy buying a new shares specially when previous shares had been sold between 7-12.5£ 2- a new share holder they will intersted to buy shares as they think its a great investment opportunity 3- Could be the new NMC board will never agree, in case of the NMC will be acquired by another company if it will buy the whole stakes of the NMC , leggily NMC will be acquired and dominated by another company 4- NMC can not be started again unless reconsolidate all the financial and legal issues 5- Only the potential option which more like it. the NMC will be bailout and the share prices will be in line with current market prices and situation which I think it will be more like it, its just a time matter
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