Nmc Health Share Discussion Threads

[urbanvoltage] 04/7/2020 18:39

Have a look at stakeholder information on the NMC website.... NMC Health Plc is a holding company, it does not have a trading business.
The Company had two employees at the date of the Joint Administrators appointment, both
based in the UK. One of these employees has since been made redundant. The remaining
staff member continues to be employed by the Company to assist us in carrying out our
duties.
On 27 April 2020, the Company requested that its ordinary shares be cancelled from listing
on the premium segment of the Official List of the Financial Conduct Authority and from
trading on the main market of the London Stock Exchange. We concluded that delisting
NMC's shares was appropriate as continued listing would incur significant cost and add
complexity in a situation where decisions need to be made quickly.
Rescuing the Company as a going concern in accordance with Paragraph 3(1)(a) of the
Insolvency Act was carefully considered following appointment; however in view of the
situation identified since our appointment, including the potential for a significant value of
guarantees to have been provided by the Company, it is not now considered capable of
being achieved.
The purpose of the administration is therefore to achieve a better result for the Company’s
creditors as a whole than would be likely if the Company were wound up, in accordance with
Paragraph 3(1)(b) of the Insolvency Act.
A funding agreement for the administration has been entered into with ADCB. To date,
$1.5m has been drawn down in accordance with this agreement. It is anticipated that further
amounts will be drawn-down during the administration.

So there you have it. A FTSE 100 company with 2 employees when the administrators were appointed. Oh and by the way it's worth repeating NMC Health Plc is a holding company, it does not have a trading business. It was a trojan horse full of con men from the bankers, via the regulators to the management, and apparently completely legal....“When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.”

― Frédéric Bastiat

[mohdusman44] 04/7/2020 18:37

On analysing the events that had happened in NMC, it is very much evident that the then CEO, Prasanth Manghat and Dr B R Shetty are the culprits. Both these guys screwed up the company and siphoned off funds from the company. Dont think rest of the management team had any say in this episode. These two bxxxxxds are the kingpins. Shetty now acts innocent, damit. Prasanth is absconding. All their assets incl that of their family members should be attached and confisticated. These two fxxxxrs should send to jail.

[monte1] 03/7/2020 10:28

In that case they will be overpaying by around 99c.

[diverzeusy1] 03/7/2020 00:23

Waynesplash/monte1 I don't know who to give a thumbs up to 😂😂👍

[monte1] 02/7/2020 21:00

Nutter.

Do they do psychiatric treatment?

[waynesplash] 02/7/2020 20:29

This is a hugely successful firm, hospitals are big money, and will always be wanted, and more and more, and as of this virus. It will be relisted somewhere, and stocks go up.

Wayne

[monte1] 02/7/2020 20:05

Be nice now avatars, after all it is hardly my fault that this shower stole your cash.

[diverzeusy1] 02/7/2020 19:46

Borg 45, I knew I could draw monte1 into a truthfull statement 😉😂😂😂8077;
So funny 😂😂😂

[borg45] 02/7/2020 16:49

First truthful thing you have posted

[monte1] 02/7/2020 09:04

#10554

Don’t be a total plank.

It is over.

Even if any assets are ultimately recovered down the line ex-shareholders will never receive a brass farthing.

[diverzeusy1] 02/7/2020 08:58

So
Will shetty be held to account?
Will any top NMC execs be held accountable?
Have they truly seized and frozen assets in India?
If all the answers are yes, then surely big lump's of money will be recovered??
If $3billion Could be recovered thus reducing debt around 50% surely the company would be viable again 🙄
Personally, I've written this off 😢
So any increase from £0 is ok with me 👍
Stay safe Everyone

[quidzinn] 25/6/2020 23:25

F
U
C
K
T

Q

[urbanvoltage] 25/6/2020 16:56

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.

[silverstone1] 24/6/2020 21:35

I DON'T GET MY GIRO UNTIL MONDAY!😂

[borg45] 23/6/2020 20:11

Paid your mum the rent yet ???

[silverstone1] 23/6/2020 06:41

I CAN'T WAIT TO SHORT THIS DOG AT $5 AGAIN!😂

[waynesplash] 22/6/2020 20:45

Nice one urbanvoltage :--)))

Wayne

[urbanvoltage] 22/6/2020 15:52

An optimist from america....

I'm bullish, but the maths is certainly not as simple as deducting the additional debt from the market cap. It's about the ability to service the debt out of NOI- and $6.5B is a far cry from $2,5B in debt service. that's what they are working on- getting the creditors to agree to debt restructure (and possibly reduction thru equity) at a longer term and lower rate. Obviously the debt holders would rather take worse terms than be subject to a liquidation, which is why they are playing ball. Once again, biggest holder is ADCB, which is 65% owned by ADIA (Abu Dhabi Investment Authority, SWF), so you have debt held by the world's 3rd largest sovereign wealth fund which obviously has a high incentive to keep their largest health operator solvent and keep 20k people employed.

That's the story- I like our chances, but the news is going to be about creditors agreeing to new terms- which is why the CEO's memo on the 3 year turnaround plan is so bullish. Must be privy to such an effort (restructure) progressing in order to put that out to the Company.

I think you are looking at $5 as soon as such a plan hits the tape, should that in fact happen. that's why i'm long.

[borg45] 15/6/2020 00:52

First truthful thing you've said doesn't that make you feel better now clean your room