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 Low Price High Price Open Price Close Price Last Trade
0.00 0.0% 938.40 0.00 0.00 0.00 938.40 00:00:00
more quote information »
Industry Sector
HEALTH CARE EQUIPMENT & SERVICES

Nmc Health NMC Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
07/03/2019FinalGBX18.131/12/201731/12/201813/06/201914/06/201910/07/201918.1
07/03/2018FinalGBX10.631/12/201631/12/201714/06/201815/06/201810/07/201810.6
08/03/2017FinalGBX10.631/12/201531/12/201611/05/201712/05/201702/06/201710.6
14/03/2016FinalGBX6.231/12/201431/12/201519/05/201620/05/201620/06/20166.2
20/05/2015FinalGBX5.431/12/201331/12/201428/05/201529/05/201525/06/20155.4
25/02/2014FinalGBX4.431/12/201231/12/201328/05/201430/05/201403/07/20144.4
26/02/2013FinalGBX4.131/12/201131/12/201229/05/201331/05/201304/07/20134.1

Top Dividend Posts

DateSubject
21/3/2020
13:42		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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15/3/2020
23:10		dragonheart1: Copy/paste from LSE board... brilliant post! I think and hope it’s option1/2 but could very well be option 3. I too believe these will trade again and open UP!! ———;——̵2;-//// Possible Case Arguments - Best to Worse: Case 1. The fraudulently obtained (undisclosed) debt gets written off, NMC not liable. NMC are exonerated of all wrong-doing. The F.Y. 2019 results are good (as expected). Following the 2019 results the share suspension is removed end of April/early May and we see an immediate increase in share price on opening. The financial press and media are all over this. Expecting the share price to close around 1600p within 2-3 weeks of trading on FTSE250. Promoted back to FTSE100 before year end. Case 2. Let’s assume that a majority of this undeclared debt was used to finance non-group businesses, namely Shetty’s other business interests. Let us also assume that legally the debt obligation lies with NMC. BRS Ventures has a number of other businesses held withing the “holding”; company; Neopharma, Nexgen Pharma, BR Life [Hospitals] and many others. If this is proven to be fraud then could BRS Ventures’ assets be transferred to NMC ownership? Would BR Life compliment NMC? If the FCA pass this matter onto the Serious Fraud Office (SFO) then they will attempt to recover any assets from those committing financial crimes/fraud. NMC could still have to carry $5 billion of debt on the balance sheet but would have a larger asset base and bigger combined revenues and profits. Case 3. Recover some of the undisclosed fraudulent debt (Dr Shetty and his co-accused are not short of wealth), carry a larger long-term debt on the balance sheet: Allow Dubai-based Bahraini billionaire Mishal Kanoo (Mubadala Investment Company) to buy a seat on the board. Bring in a solid top-notch board of directors and carry on. The share price has fallen 76% so some of the damage (may be not all) has been priced in. Case 4. Let us assume that NMC’s [estimated] debt stands at $5 billion. Debt isn’t an issue as long as that debt can be serviced and the day-to-day operations can be financed from revenues. We’re not aware that this is not, or would not be the case going forward. Sure, there would be no further growth/expansion for many, many years but the business may be able to carry on. Will further hammer share price and will probably never recover its true value. Case 5. NMC goes into administration, gets bought out on the cheap. We, shareholders get zero. The FCA (Financial Conduct Authority) pass the matter to the Serious Fraud Office “CharteredR21; Accountants (ICAEW, ACA, ACCA, et. al.) reputations are damaged for years Financial Conduct Authority gets overhauled (again) Ernst & Young get massive fine Banks and bankers involved get fined Shetty and co-conspirators receive large fines and jail sentences Muddy Waters/Carson Block get shutdown for insider trading Case 6. NMC goes into administration, gets bought out on the cheap. We, shareholders get zero (total loss) and the ones who caused this walk off unscathed. We'll have to wait and see...
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09/2/2020
16:42		mattcookson: Great post via E_Al at a different BB - Coolkid, you are probably right .. I posted this a couple of hours ago: “ I just did some researching online and it looks this takeover news was circulating in The City days ago so in my opinion the shorting was to take as much shares as possible from the weak hands before news find its way to the public: " Tuesday, 4 February 2020, 3:03 pm Private equity firms are said to be circling around NMC Health, the London-listed gulf hospital operator. People following the situation said several of the world's largest buy-out houses have held talks with executives from NMC Health about a take private of the beleguered company. However, it's not clear whether a formal written offer has been submitted to NMC Health, which has been the focus of a short selling attack from Carson Block's Muddy Waters. People following the situation said it's thought the private equity firms have been studying making an offer for the whole of NMC Health at between £14.00 and £19.00 a share. Recently reports in Spain suggested Cinven, KKR and EQT were looking at buying NMC Health's Spanish unit Eugin, a fertility business. NMC Health is being advised by investment bankers from Barclays and JP Morgan on its talks with the private equity firms, said these people following the situation. Yesterday, NMC Health's shares fell 16pc to around £10.00 a share, raising speculation speculation a major investor was liquidating holdings in the FTSE 100 healthcare company. In response to the dramatic share price fall, NMC Health today said: "It knows of no specific reason for the fall. The independent review being undertaken by Freeh Group International Solutions LLC, announced on 17 January 2020, is proceeding. The company's operations continue to perform strongly and the company expects to report full-year 2019 results in-line with management's expectations." Muddy Waters responded in a Tweet by saying: "We have a hard time believing that NMC Health "knows of no specific reason" for yesterday's fall (and by extension, today's under-performance). There are three major shareholders, each of whom are seemingly margined to the hilt. None of their stock was dumped yesterday???." NMC Health's shares dropped almost 18pc in response to the Tweet from Muddy Waters and then recovered to trade at around 960p a share. Last month, lenders to two of NMC's controlling shareholders — Saeed Bin Butti and his relative Khalifa Bin Butti, the company's vice chairman — sold a large stake at a deep discount, around £12.50 a share, in order to cover debts linked to the shares. NMC Health was founded by BR Shetty, an Abu Dhabi-based entrepreneur.
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08/2/2020
07:37		wardy333: One stock to be caught between these two camps is NMC Health. The Middle East hospital operator has lost 73 per cent of its value since late December when Muddy Waters, a brash US short-selling outfit with a nose for publicity, alleged that it was understating debt and inflating cash flow — claims NMC rejects. The latest in a series of lurches lower arrived on Friday, when shares fell by 22.2 per cent to hit their lowest since 2015. NMC’s tumbling share price will have affected anyone invested in a FTSE 100 tracker fund, with the exposure remaining at least until an index reshuffle scheduled for late March. The short-sellers, meanwhile, seem to have been taking profit. Shares on loan as a percentage of NMC’s free float, an indicator of bets against the stock by these investors, have fallen from above 30 per cent in the days immediately after Muddy Waters’ report to just over 9 per cent per cent on Friday, IHS Markit data show. Part of the reduction in short interest reflects share sales last month by two of NMC’s controlling shareholders, Saeed Bin Butti and his relative Kalifa Bin Butti, who dumped a 15 per cent stake to cover personal debts. Investors were led by management to believe that the sales had cleared the entire overhang of shares pledged as debt collateral, one of the bears’ main arguments. But then Dubai lender Emirates NBD unloaded a further 1 per cent stake linked to Bin Butti debt a few weeks later. Confidence disintegrated and NMC has been in a tailspin ever since, in spite of claims this week that company founder BR Shetty has been investigating ways to wrest back control. These recent events tell only half the story, however. Long before NMC graduated to the FTSE 100 in 2017, investors had been questioning an apparent disconnect between its sector-leading margins and underwhelming cash generation. Many of Muddy Waters’ attack lines should therefore have been familiar to long-term shareholders. Red flags on asset valuations and related-party transactions had already been discussed during post-results Q&A sessions and had featured in dozens of analyst notes, the majority of which saw nothing amiss and argued for calm. Anyone interested in the NMC investment case had plenty of time to get comfortable with its many complications. Yet it seems that only the bears were paying attention. NMC’s opaque and overlapping shareholder register complicates the process of finding shares to borrow, yet by early December the stock lent out was already equivalent to more than 20 per cent of the free float. Short-sellers had stacked up a nominal exposure in excess of £1bn even before Muddy Waters showed its hand. And everyone seemed to know already that NMC was fragile. Last August, Muddy Waters teased a report on litigation funding group Burford Capital by tweeting the day before that it had a UK company in its sights. NMC dropped by more than 11 per cent in what was effectively a case of mistaken identity. Publicity stunts of the type employed by Muddy Waters will never be popular with the majority of shareholders, but at least they make the money work. The example of NMC hints at a market where capital has been allocated lazily and executives are shielded from scrutiny. Analysts had been noting NMC’s potential shortcomings for years, but it took Muddy Waters’ intervention to move them from the footnotes to the headlines. Does it follow that long-only investors should applaud short-sellers for improving corporate scrutiny? Possibly, but with a caveat. The shorts have a tendency to pile into the vulnerable, not the criminal, and they can often seem blind to the bigger picture. This time last year the most hated UK-listed stocks included Aston Martin Lagonda and Debenhams, which have done very badly, and sandwich maker Greencore, which has jumped about 50 per cent after a major restructuring. Ocado, consistently the most heavily shorted stock in 2016 and 2017, is up more than fourfold since the start of 2018 after the online grocer reinvented itself as a delivery technology disrupter. J Sainsbury and pub operator Greene King were the most popular targets in 2015, in spite of the commodity price rout that would soon roil the mining sector. Even going back to the early stages of the financial crisis in 2007, the bears were mostly ignoring banks and housebuilders to target retailers such as Sports Direct. The thing about vulnerable stocks is that they will often recover, which makes following the bear pack an extremely high-risk gambit. NMC still has plenty of questions to answer, yet it looks like the smart money has already been made.
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05/2/2020
18:57		3dwd: The founder of NMC Health is looking to buy out his Emirati partners and return to an "active leadership position" at the embattled hospital group, according to people briefed on his plans.The 77-year-old Indian-born entrepreneur BR Shetty is conducting an operational review of NMC ahead of formal talks with shareholders and regulators, these people said.Shares in NMC, which owns and operates hospitals in the Middle East, have fallen more than 60 per cent since short-seller Muddy Waters last year questioned its asset values, cash balance and debt levels. The claims have been rejected by NMC, which has appointed former FBI director Louis Freeh to carry out an investigation into the allegations.Mr Shetty stepped down as NMC's chief executive in 2017 but remains the largest shareholder. On top of the NMC share price decline, he has also been hit by a sharp decline in the value of his other main business, financial services group Finablr, which has fallen more than 60 per cent in the past few weeks.One person briefed on Mr Shetty's strategy said the businessman had made the Abu Dhabi government aware of a potential plan that would see him partner with new investors to buy the shares owned by Emirati investors Saeed al-Qebaisi and his relative Khalifa al-Muhairi, who control a stake of about 24 per cent in NMC.Last month the pair sold £375m of their shares to repay debt owed to Deutsche Bank and Credit Suisse to meet margin calls as the stock price collapsed, reducing their stake in the company.A spokesman for Mr Muhairi, who is executive chairman at NMC, said: "Khalifa remains committed to the financial success of NMC as a business. Given the ongoing investigation he is unable to comment at this time."Private equity firms, including Apollo, have previously considered taking a stake in NMC, according to two people familiar with the situation. Apollo declined to comment.Bankers are sceptical about Mr Shetty's ability to fund any transaction, saying he would need financing to raise his stake in the FTSE 100 company he founded in 1975.Finablr was affected by the Muddy Waters attack given it has a similar shareholder base to NMC. Its Travelex currency business was also the target of a cyber attack that forced it to shut down over the new year. Finablr came under further pressure last month when it disclosed that more than half of its stock had been used as security when buying the currency platform in 2015.But the people familiar with Mr Shetty's plans point out that he has retained his 15 per cent stake in the healthcare group throughout its recent crisis without having to sell any NMC shares.One of the people close to Mr Shetty said that the company should strengthen its corporate governance procedures depending on the outcome of the independent investigation carried out by Mr Freeh."If there are lapses, it is important that we work together with other shareholders to remedy any such governance failings," the person said.
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04/2/2020
15:14		tonysss13: hxxps://www.betaville.co.uk/betaville-intelligence/rare-alert-nmc-health-said-to/ Betaville Intelligence UNCOOKED ALERT: NMC Health said to ... - Part 3 Tuesday, 4 February 2020, 3:03 pm Private equity firms are said to be circling around NMC Health, the London-listed gulf hospital operator. People following the situation said several of the world's largest buy-out houses have held talks with executives from NMC Health about a take private of the beleguered company. However, it's not clear whether a formal written offer has been submitted to NMC Health, which has been the focus of a short selling attack from Carson Block's Muddy Waters. People following the situation said it's thought the private equity firms have been studying making an offer for the whole of NMC Health at between £14.00 and £19.00 a share. Recently reports in Spain suggested Cinven, KKR and EQT were looking at buying NMC Health's Spanish unit Eugin, a fertility business. NMC Health is being advised by investment bankers from Barclays and JP Morgan on its talks with the private equity firms, said these people following the situation. Yesterday, NMC Health's shares fell 16pc to around £10.00 a share, raising speculation speculation a major investor was liquidating holdings in the FTSE 100 healthcare company. In response to the dramatic share price fall, NMC Health today said: "It knows of no specific reason for the fall. The independent review being undertaken by Freeh Group International Solutions LLC, announced on 17 January 2020, is proceeding. The company's operations continue to perform strongly and the company expects to report full-year 2019 results in-line with management's expectations." Muddy Waters responded in a Tweet by saying: "We have a hard time believing that NMC Health "knows of no specific reason" for yesterday's fall (and by extension, today's under-performance). There are three major shareholders, each of whom are seemingly margined to the hilt. None of their stock was dumped yesterday???." NMC Health's shares dropped almost 18pc in response to the Tweet from Muddy Waters and then recovered to trade at around 960p a share. Last month, lenders to two of NMC's controlling shareholders — Saeed Bin Butti and his relative Khalifa Bin Butti, the company's vice chairman — sold a large stake at a deep discount, around £12.50 a share, in order to cover debts linked to the shares. NMC Health was founded by BR Shetty, an Abu Dhabi-based entrepreneur. He also set up Finablr, which owns Travelex. That company, too, has seen its share price hit following allegations from Muddy Waters against NMC Health. BR Shetty recently revealed that he had used more than of his shares in Finablr against debt from buying the British group in 2015. NMC Health declined to comment when contacted by Betaville. To be clear, the above story is UNCOOKED. In case you don't remember I have pasted the definition of UNCOOKED below: UNCOOKED: Market gossip as Betaville receives it. This scuttlebutt has just come in and hasn't been checked with all of Betaville's well-informed RARE sources let alone formal journalistic channels (public relations executives, bankers etc). The rumour might be total codswallop, nonsense or rubbish - but then again there may be something in it, so it's worth airing on Betaville.
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04/2/2020
15:09		tonysss13: fresh hxxps://www.betaville.co.uk/betaville-intelligence/rare-alert-nmc-health-said-to/ Betaville Intelligence UNCOOKED ALERT: NMC Health said to ... - Part 3 Tuesday, 4 February 2020, 3:03 pm Private equity firms are said to be circling around NMC Health, the London-listed gulf hospital operator. People following the situation said several of the world's largest buy-out houses have held talks with executives from NMC Health about a take private of the beleguered company. However, it's not clear whether a formal written offer has been submitted to NMC Health, which has been the focus of a short selling attack from Carson Block's Muddy Waters. People following the situation said it's thought the private equity firms have been studying making an offer for the whole of NMC Health at between £14.00 and £19.00 a share. Recently reports in Spain suggested Cinven, KKR and EQT were looking at buying NMC Health's Spanish unit Eugin, a fertility business. NMC Health is being advised by investment bankers from Barclays and JP Morgan on its talks with the private equity firms, said these people following the situation. Yesterday, NMC Health's shares fell 16pc to around £10.00 a share, raising speculation speculation a major investor was liquidating holdings in the FTSE 100 healthcare company. In response to the dramatic share price fall, NMC Health today said: "It knows of no specific reason for the fall. The independent review being undertaken by Freeh Group International Solutions LLC, announced on 17 January 2020, is proceeding. The company's operations continue to perform strongly and the company expects to report full-year 2019 results in-line with management's expectations." Muddy Waters responded in a Tweet by saying: "We have a hard time believing that NMC Health "knows of no specific reason" for yesterday's fall (and by extension, today's under-performance). There are three major shareholders, each of whom are seemingly margined to the hilt. None of their stock was dumped yesterday???." NMC Health's shares dropped almost 18pc in response to the Tweet from Muddy Waters and then recovered to trade at around 960p a share. Last month, lenders to two of NMC's controlling shareholders — Saeed Bin Butti and his relative Khalifa Bin Butti, the company's vice chairman — sold a large stake at a deep discount, around £12.50 a share, in order to cover debts linked to the shares. NMC Health was founded by BR Shetty, an Abu Dhabi-based entrepreneur. He also set up Finablr, which owns Travelex. That company, too, has seen its share price hit following allegations from Muddy Waters against NMC Health. BR Shetty recently revealed that he had used more than of his shares in Finablr against debt from buying the British group in 2015. NMC Health declined to comment when contacted by Betaville. To be clear, the above story is UNCOOKED. In case you don't remember I have pasted the definition of UNCOOKED below: UNCOOKED: Market gossip as Betaville receives it. This scuttlebutt has just come in and hasn't been checked with all of Betaville's well-informed RARE sources let alone formal journalistic channels (public relations executives, bankers etc). The rumour might be total codswallop, nonsense or rubbish - but then again there may be something in it, so it's worth airing on Betaville.
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13/1/2020
10:56		mister md: FINANCIAL MAIL ON SUNDAY PUBLISHED: 22:13 GMT, 11 January 2020 | UPDATED: 14:02 GMT, 12 January 2020 Belaguered private healthcare giant NMC Health is preparing to take legal action after a short-selling attack on the FTSE 100 firm wiped £2.6billion off its value, The Mail on Sunday can reveal. Shares in NMC Health – a Middle Eastern hospitals group listed in London – halved last month after American short-seller Muddy Waters published a damning report that raised red flags over NMC Health's accounting practices, claiming its finances pointed to possible 'fraudulent asset values and the theft of company assets'. A source close to the company revealed it has engaged two major law firms to advise on filing a possible lawsuit to repair its reputation. The source said: 'NMC Health is considering all potential legal remedies, both civil and criminal.' The legal claim will focus on actions taken by third parties to 'mislead the market and manipulate the share price', according to a statement to the stock exchange. Muddy Waters, run by the notorious bear raider Carson Block, and a group of hedge funds based in the US, Switzerland and London, cashed in from the share price fall because they were 'shorting' the shares. Funds that have built up short positions in NMC include AQR Capital, PSquared, Gladstone Capital Management and Portsea. Short-selling is a tactic that allows hedge funds to borrow shares under contract, returning them to the original owner when the price falls and pocketing the difference. The NMC insider said the crash triggered by Muddy Waters' report on December 17 has created a 'material loss' for NMC's pension fund backers and institutional investors, which include BlackRock and Legal & General. NMC Health operates private hospitals and fertility clinics in 19 countries including the UK. Its co-chairman is Indian billionaire Bavaguthu Raghuram Shetty, 77, who founded the Abu Dhabi-based group and is a major shareholder. Two of NMC's other major shareholders, Emirati billionaires Saeed and Khalifa Bin Butti, last week sold NMC shares worth $490million (£375million) at a discount to cover loans owed to Credit Suisse and Deutsche Bank, causing a further fall in the shares. NMC has said it will confirm its cash balances as part of an independent review of its finances. But Muddy Waters said similar reviews are usually 'exercises in whitewashing that provide little to no transparency or accountability'. It pointed out that other firms it has attacked through critical reports, such as commodity trader Noble Group and Chinese forestry group Sino-Forest, were both exonerated by their purportedly independent reviews, only to collapse later. Dr Shetty said in a statement that he 'fully supports the independent investigation and process in order to clarify matters'. NMC declined to comment on the litigation.
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11/1/2020
20:01		sentimentrules: Muddy Waters have made statements on 4 dates: 17/12 20/12 23/12 02/01 06/01 NMC countered on: 18/12 19/12 20/12 23/12 06/01 An even ding dong and both last did it on same date. ....................... NMC ERROR re: London, 20 December 2019: NMC Health plc (LSE: NMC) notes the publication of the article published in Financial Times on 20 December 2019 titled “NMC held talks to raise €200m in off-balance sheet debt to fund growth”. The Company confirms that this article is based on false information and finds speculation regarding a transaction that didn’t occur to be completely unproductive. NMC regularly meets investor and potential lender groups and takes its obligations seriously. As a listed company NMC is held to high standards in relation to reporting and disclosures and engages with a variety of top tier professional firms to ensure adherence to such standards. . NMC considers this to be the latest in a long line of malicious attempts by certain parties to influence commentary around the Company in a negative fashion to damage its credibility and negatively impact its share price via methods which are at times nefarious, unethical and illegal. In addition to publishing a comprehensive rebuttal to the recently issued report by Muddy Waters (hxxps://cfcdn.nmc.ae/Uploads/InvestorRelations/nmc-health-plc-response-to-recent-report-19-dec-2019-adb66d0b4047-4d4d-94f2-fb9a84d2d301.pdf), the Company has approached the Financial Conduct Authority with evidence to show that a number of hedge funds have been acting in concert and systematic fashion to undermine shareholder value in NMC via acts including, but not limited to: • Colluding with sell-side research, including increasing their short positions ahead of publication of negative research reports; • Paying for negative third-party research to be published by an “independent” research house; • Spreading unsubstantiated allegations, often based on falsehood, to undermine the credibility of management. NMC is also considering other legal options available to address these issues. ................ Thats the FT and friends out the window to be helpful. This release just about alienated media, to city. And most likely the regulator who works for the city looooool
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20/12/2019
09:29		spob: NMC held talks to raise €200m in off-balance sheet debt to fund growth Https://www.ft.com/content/c3469f08-2231-11ea-b8a1-584213ee7b2b Healthcare group under pressure from short-sellers over scale of borrowing Cynthia O’Murchu and Robert Smith in London 4 hours ago Financial Times NMC Health has held talks to raise hundreds of millions of dollars of off-balance sheet debt to fund new hospitals, despite the FTSE 100 healthcare provider having faced increased scrutiny from short-sellers over the scale of its borrowing. The Middle Eastern healthcare group, which is controlled by a small group of United Arab Emirates-based billionaires, was previously one of the star performers on the London stock market with its shares starting the year up more than 1,000 per cent from its 2012 initial public offering. But the company’s shares dropped as much as 42 per cent on Tuesday after short-seller Muddy Waters raised “serious doubts” about NMC’s finances in a 34-page report, taking more than £2.3bn off its market value. The Abu Dhabi-based company has faced mounting questions from analysts, investors and short-sellers this year about its apparent use of off-balance sheet financing techniques, which do not count to its official debt levels. It is one of the most heavily shorted stocks in the FTSE 100, with about a quarter of its free float out on loan for use by hedge funds. While NMC has made public statements reassuring investors about its limited use of such structures, the company has this year sought to raise a €200m loan through a complicated chain of special-purpose vehicles, according to people familiar with the matter. Draft deal documents seen by the Financial Times and dating from the spring and summer show that NMC planned to raise the loan through a Dubai entity, to fund the construction of hospitals as it seeks to continue its aggressive expansion in the Middle East. NMC operates facilities in 19 countries and said it served about 4m patients in the six months to June. This Dubai project company would borrow the €200m from a financing vehicle in Luxembourg, backed by shares in two of the company’s existing hospitals in the UAE. Estates SA, a Luxembourg investment firm listed in the documents as helping set up the special-purpose vehicle in the grand duchy, confirmed to the Financial Times that they had “analysed this project”. “In the end, the project has not been implemented with us,” the spokesperson added. While the deal documents clearly state that NMC Health plc would guarantee the loan, two people with direct knowledge of the deal said the complicated structure was aimed at allowing the company to exclude the facility from its corporate debt figures. As the deal has not yet been completed, however, it is not possible to know how it would have been disclosed. NMC Health declined to comment. The group, whose share price has not recovered since Muddy Waters’ report, initially hit back calling it “unfounded, baseless and misleading” and subsequently published a detailed rebuttal on Wednesday evening. Muddy Waters homed in on NMC’s use of reverse factoring or supply-chain finance, which is a form of borrowing against supplier payments that accountants do not class as debt. The financing technique is controversial due to its role in the collapse of UK outsourcer Carillion and Spanish energy company Abengoa. The California-based hedge fund described a statement made by NMC last month about its use of supply-chain finance as “an attempt to mislead” investors. NMC, in a detailed rebuttal to Muddy Waters’ allegations, said that it “simply provided an undertaking in the form of a guarantee to settle the accepted trade payables against each invoice”. While not mentioned in Muddy Waters’ report, much of NMC’s supply-chain finance has been arranged by Blackstar Capital, a London-based firm that specialises in helping companies raise working capital finance. Blackstar is also behind the efforts to raise the €200m loan to fund new hospitals. In contrast to the supply-chain finance facilities, which are commonly used if controversial, several people familiar with the proposed deal described it as highly unconventional. “This is not how you expect a FTSE 100 company to finance itself,” said one. Blackstar declined to comment. South Korean asset manager Hyundai Asset Management was in talks to invest the full amount, according to several people familiar with the negotiations. One person directly involved in the deal said that the investor’s reservations about some aspects of the complicated structure had delayed the financing. “Hyundai AM is not related to the NMC Health investment case,” said a spokesperson for the Korean group, without providing further clarification.
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