Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Read the RNS:
Pursuant to (i) an investment management agreement between KBO and Ithmar Capital Partners Limited ("ICP") and (ii) an investment management agreement between SMB and ICP, in each case entered into on 01 March 2020, ICP has been engaged by each of KBO and SMB to provide investment advisory and management services to KBO. As part of these arrangements, KBO and SMB have granted control over the voting rights in their respective shares held by each of KBO and SMB to ICP.
KBO: 17,776,468 - 8.52%
SMB: 1,000,000 - 0.48%
Other non KBO and SMB related interests held by Khaleefa Bin Butti and H.E. Saeed Bin Butti: 17,467,612 - 8.37%
So they only transferred KBO and SMB stakes = 9% to ICP.
Ta
But Ithmar only have the Buttis etc as holding 9% and at the bottom of the Rns it reads as they have gave the responsibilty to them so where are their other 10%
Sorry typo: from 27 Feb RNS ... buttis = 19.81% + from 24 Feb RNS... shetty = 9.81% ... total is 29.6%
Ok fed up of reading them all I trust you
Do the maths from the latest holding rns’s
Adzy
Where did you find it was 29.9
Yup! He was fantasising.
No mention in it about chapter 11 just an assumption
https://www.theguardian.com/business/2020/mar/02/nmc-health-asks-for-debt-standstill-amid-accounting-scandal
Suggests they could put up collateral as opposed to paying back the debt.
Don't really agree with the NMC vs Marconi comparison regarding debt restructure. Marconi made some seriously bad operational business decisions before they had to re-finance as they weren't gererating enough income to service the debt. Reading between the lines I'm guessing NMC can service their debt payments so business is profitable, they can't however clear the debt should it be called due to breaching debt covenants, one of which is around the overal holdings of majority owners falling below a threshold. I won't know the full picture about NMC until the Freeh report and updated financials so will refrain from saying much else.
It all seems too convenient to not have more to this than what we’ve told... the combined ownership has dropped to 29.9% - just enough to trigger this clause which seemingly wasn’t known to anyone else?
Something is going on behind the scenes here, we’ve still not been told what problems operationally, if any, exist.
Steeplejack
Perhaps you can post the link from the guardian as I cant find it
Chapter 11. Isnt that a US bankruptcy? In UK its creditors voluntary winding up etc?
You’re presuming they don’t find alternative funding sources... don’t rule that out yet.
https://www.khaleejtimes.com/business/local/nmc-seeks-debt-standstill-to-avert-repayment-of-2-billion
The Guardian carries similar detail.The company is seeking chapter 11.In effect,the banks can either call in their loans and force NMC into administration or they can negotiate.If they negotiate they will want their pound of flesh.They will require a restructuring of share capital such that they end up pretty much owning the company.If you’re an investor holding say a 1000 shares,the banks will receive equity in the group to an extent that your share of the pie is worth next to nothing.Marconi for example,in its death throes,had a subdivision of equity such a holder of 1000 shares was left holding one share under the restructured arrangement.Subsequently,Marconi went bust.I don’t necessarily see that happening here because you’re dealing with a hospital chain.The banks will keep the hospitals running operationally but at a price,a price that will be paid by the shareholders in reality.I hope I’m wrong here but I fear I won’t be too wide of the mark.I don’t think the US OTC market is telling us anything.When Jeffries was quoted in the weekend price as saying that shareholders might end up with nothing ,they were clearly abreast of developments.Its a dreadful endictement of so called professionals from accountants to governance authorities but,at the end of the day,management misled everyone.