Nmc Health Share Discussion Threads

[silverstone1] 07/4/2020 19:37

DAMP SEAWEED, FOR YOUR INFORMATION I RETIRED 7 YEARS AGO AT 48 YEARS OF AGE BECAUSE I HAVE MORE MONEY THAN I CAN SPEND, BUT OLD HABITS DIE HARD!

[monte1] 07/4/2020 14:54

tbf to the shouty ex-stockbroker, advising holders to run for the hills was, in hindsight, rather helpful to others in this instance. Or at least it was to anyone that heeded it.

[damp seaweed] 07/4/2020 14:46

Silverstone, outside your own little hooray world I very much doubt many folk would be impressed by a second hand car salesman with red braces. I really wouldn’t shout about it, you’ll just embarrass those around you .....IMHO
Maybe look for a new career doing something useful or helpful to others ?

[quidzinn] 07/4/2020 14:26

Of course I have no interest now I'm not that stupid ... I bought and sold between the 2nd and 18th Feb 2020 ... and made a nice fat profit at the time :)

Q

[quidzinn] 07/4/2020 14:06

Repeat it isn't your money they've misappropriated.

You bought some shares in this P.O.S.?

You didn't give the Co. some of your cash to look after.

You haven't loaned them any working capital.

Your money went to a stockbroker who made money from your money ... and the previous shareholder etc etc.

Get real KungFuBoy.

Q

[karateboy] 07/4/2020 13:56

Even when MW start digging in, it was just about overstating income and understating debts...nobody knew even MW that there was deliberate plan from day one, for fraudulently borrowing another $5b without declaring it, those ediots that telling us our money not stollen, must be either an absolute ediots and ignorant or working for those crooks....

[quidzinn] 07/4/2020 13:46

I'M A RETIRED BROCKSTOKER ...

Q

[sr2day] 07/4/2020 13:26

it was never a bad investment until told by Muddy Waters.at that point shrewd investors ran for the exit.no smoke without fire.a lesson learnt.

[karateboy] 07/4/2020 13:21

Quid.. Are you working for people who stole our money?

[quidzinn] 07/4/2020 13:17

Shareholders :

Nobody has "stolen" your money ... you just made a bad investment - get over it and move on.

Q

[nael2020] 07/4/2020 11:47

UK court's intervention is worst-case scenario, says NMC Health chairman
hxxps://gulfnews.com/business/banking/uk-courts-intervention-is-worst-case-scenario-says-nmc-health-chairman-1.15862372

[karateboy] 07/4/2020 11:01

Silver...best assured that we are not laughing at you. We are not that rude. Just sorry for you that despite your constant reminders that how important you are no body taking it seriously, even when you are shouting. Really sorry for that. Keep Shouting!

[silverstone1] 07/4/2020 10:21

WAYNESPLASH, YES I'M LAUGHING AT ALL YOU LOSERS ON THIS BOARD BECAUSE I ADVISED EVERYONE TO SELL NMC AT £18 IN DECEMBER BEFORE THEY COLLAPSE, BUT YOU CHOSE TO IGNORE MY ADVICE DESPITE MY CREDENTIALS AS A RETIRED STOCKBROKER AND ANALYST OF UK EQUITIES, NOW THEY ARE WORTHLESS!

[urbanvoltage] 07/4/2020 07:54

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.”

[waynesplash] 06/4/2020 23:34

I know I said I was not going to, but I asked the FCA if they could tell me anything, as so fed up with the people seeming to think we have lost money, and are laughing ??? What kind of people are you here, are you that sad as you love people to lose, I dont, I would never laugh at people who have lost, also I want all to gain. We all look at a firm, and we might invest, we make lots of money, or lose money. This is a "fantastic" firm, everyone would think its a great money making firm, everyone needs hospitals and the more life goes on.

People stole our money, and the ones that did also ran up a huge debt, or ran up the debt themselves and stole the money. Thus we are not to blame here. UK I am from, so the FCA will hopefully look after us here, most probably will have to look after holders where ever they are from.

Wayne

[karateboy] 06/4/2020 23:04

No. We haven't done anything wrong but invested in a Ftsee 100 company which provides vital services to people in need. NMC will not go to administration. Keep your spirit high. People who stolen our monies will pay it back in shame. lets see what FCA investigation will bring up. I will be astonished if this is not referred to SFO. I am also astonished by some people trying to blame us to invest here, people who have no financial interest in the company but post here and enjoy others to loose money.

[asusasus] 06/4/2020 22:35

karate have we lost the lot here?

[karateboy] 06/4/2020 20:49

Give us few examples.

[augustusgloop] 06/4/2020 17:59

Three rules about prosecutions for corporate frauds:

1) it takes years before coming to court (if at all)

2) the main people committing the frauds never admit anything (some minions may give evidence for immunity from prosecution).

3) Nobody ever serves more than a pitiful sentence - and the vast majority never get a guilty verdict.

[karateboy] 06/4/2020 16:56

Latest RNS says Morgan stanly USA, paid cash for its 5.2 % shares. RNS is the same as the one issued few days ago except this time it says cash is paid.

[karateboy] 06/4/2020 16:50

Goliard good read. Thank you for that. Let's wait and see what happens next few days. Again, Goliard, you and others are just quoting the books,...you are forgetting the culture that these process and procedures applied. If during prosecution of these directors, they open up as they will and say they have been paying bribes to lending bank managers at all levels, lending banks are liable for damages to share holders,... process/procedure and culture of applying theses process/procedure are two sides of the same coin. It is naive to assume lenders have no responsibilities as you are assuming they are whiter than white so speaking.

[goliard] 06/4/2020 14:31

karateboy - I am a fan of hanging on to some hope even at the worst of times, but to rely so heavily on a banks duty to prevent fraudulent activities is being incredibly hopeful. There are some interesting cases on bank liability. The Singularis case is (sort of) relevant and that was about a bank authorising fraudulent payments, but it is a very different set of facts, especially as it appears that a number of the senior management at NMC were "in on it". I imagine a liquidator might try court action, but more likely it will be the lending banks who take court action against NMC's corporate bankers (the distinction is important) to get what they cannot get from the NMC and that still leaves shareholders with nothing.

You are mistaking the lending banks with NMC's corporate bankers. A lending bank has absolutely no liability whatsoever if after they lend money to a FTSE 100 company the directors steal it.

Apart from your point 2 above, the others make no sense unfortunately.

[karateboy] 06/4/2020 12:53

Aug...lenders have legal responsibility to do due diligence and lend responsibly to prevent fraudulent activities, surely this is part of their operating licence requirement. If not then UAE financial system is at fault. That was the lesson from 2008 credit crunch, banks need to lend responsively.....I agree my company's directors acted very badly and as the company said fraudulently and they will be prosecuted in time...that was the reason why all executive directors resigned very quickly, they knew what they have done.they were all UAE citizens or ex pats.

[monte1] 06/4/2020 12:40

Don’t be such a bellend karateboy.