Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Why the ADR still in trade ???
the lesson learned never ****ing invest in the middle east or china
Whats going to be left when $6 billion needs to paid off first ! Zero! They can sell it all probably recoup $2-3 billion if they lucky. Then the rest will take years to claw back from where its hidden. Banks will claw back only whats owed to them. For us its a lesson never invest in the stock market. Eventually it will beat you..
You still own the shares, you can’t trade them and until nmc debt is sorted they probably have no value. Honestly, forget about them for a while.
NMC have been suspended, due to fraud. The company has asked to be delisted from ftse100, it will probably be relist on ftse250 at a much reduced price. You have to remember there is still a company operating. I don't know why HL don't show it anymore, I also have this share and can still see it on my account with CMC. dyor
So I had around £2k in NMC through HL and because of what's happened, it's been wiped off. Haven't checked much on next steps, but is there any way we can put a case you try and claw back some of our money? Or is it just game over?
He does? How do you know?
ADR volumes still through the roof. Zombie market over there.
Probably no one there to do it
Gone like the wind, and ofcourse they’ll never return to UAE.
But Karma is a b*tch, it’ll catch up with them eventually.
Im guessing stolen billions help in getting him on that plane. So the indians conned abu dhabi and the rest of us then all legged it to kerala all pleading they have done no wrong
Legged it.
The better way to approach it is to say you are an investor in their fund that held nmc and you demand an explanation of what they are doing to get your money back!
Good catch. Bellevue are being quite open. Most of the other large shareholders I asked about this, either did not reply, or said their company policy is not to comment on individual names.
The central tenet of any due diligence process begins with a company’s audited regulatory filings, which contain a statement from the auditor attesting that they reflect a “true and fair view” of the entity. Unfortunately, this turned out not to be the case for one of our investments.
In the case of NMC, the group’s indebtedness was grossly understated to the tune of $4.5bn (actual debt of $6.6bn vs. last reported of $2.1bn as at 30 June, 2019) with such deception remaining undetected and going back to at least early 2018. In the UK, the FCA has launched a formal investigation and criminal proceedings have been launched both in the UAE and in the UK.
Clearly NMC’s directors, management and auditors (E&Y) will have questions to answer. Along with numerous others, BBH is unfortunately also a victim of this crime.
The Trust has held a position in NMC since May 2019 and. We were aware of questions about governance and accounting then, and subsequently, but we felt these concerns were reflected in NMC’s share price, making it a well positioned play on expansion of developing market healthcare provision. Indeed, this holding generated a positive return for investors during FY2019.
However, on 26th February NMC announced the uncovering of significant accounting discrepancies and that the CEO had been dismissed. The shares were subsequently suspended the following morning, before the market open.
During March, as the full extent of the fraud became clear, the valuation of the Trust’s holding in NMC was progressively impaired by BBH’s board, such that it represented 0.7% of the Trust’s gross investments at the end of March (having
peaked at 3.0% of gross assets in September 2019). At that time, discussions were continuing around a debt re-negotiation and recapitalisation. However, on 9th April, NMC was placed into administration and the stake’s value has now been written down to zero.
This is a very disappointing outcome and is a reminder of the limitations of due diligence and audited accounts in the face of criminality. We will not report NMC as an active position moving forward, but will continually evaluate potential value recovery strategies for the Trust as the legal picture becomes clearer.
https://www.bellevue.ch/index.php?eID=tx_securedownloads&p=1215&u=12&g=1%2C3&t=1588944214&hash=56c5dd7d66371e5a460a5fa667711b848eec133e&file=fileadmin/user_upload/files/Bellevue/Products/Factsheets/factsheet_2004_BB_Healthcare_Trust_plc_BB_Healthcare_Trust__LSE_-GBP_GB00BZCNLL95_global_en.pdf
https://www.khaleejtimes.com/business/corporate/nmc-admin-team-lands-in-abu-dhabi-from-uk
Chartered Flight :) . One more expense and of course they would enjoy a 5-star stay. First, they hired Freeh (not free :) ). Absolute disgrace, if filmed, the story of NMC debacle would be at least nominated for Oscar.
Saw that, they’ll probably get peanuts for it as a forced seller
Google nmc health and gulf news and you’ll see a news release about nmc trading, which was mooted as a possible sale. Focus on hospitals and provide cash.
Hi i do have a small amount short position with on eToro with NO TP ,i brought at 940.35 with x5 leverage.(invested $285.53)
Kindly please advise what I need to do …. Close trade (NMC.L) and wait in pending as market is closed … or keep it open until all get clarified ?
I do not want to close trade and get eTORO listed price for it …937.44 while the actual price is 5.00 … but I do not want to find out they delist this and get nothing …. …. Please advice as their email .... does not clarify at all ... see below.
Thank you for contacting eToro customer service and we truly apologize for the delay in getting back to you. As you know,we have recently experienced a large volume of requests and as a result our response time has been delayed.
Kindly note that due to the fact that NMC.L is currently disabled from trading due to a decision directly tied to the relevant exchange, Copies were placed on a pending close status and manual positions were unable to be closed. As you know we cannot close trades on instruments that are disabled.
Once a decision is made between the relevant exchange and the company in question, eToro will act accordingly.
However, we understand the frustration involved with this reality and any copies remaining in pending close status will be periodically closed on our end.
We appreciate your understanding and patience.
Im guessing they knew. And wanted out asap but didnt let on the banks and buttis..
mrD - good point on the bookbuilders... interestingly it was the same banks who the Buttis supposedly owned debt too that did the bookbuild! I completely missed that!
"Mr Saeed Butti Al Qebaisi and Mr. Khaleefa Butti Al Muhairi intend to reduce outstanding indebtedness of themselves and other corporate entities owned by them under borrowings raised by Nov Partners Investment Limited, entered into with, among others, Credit Suisse AG and Deutsche Bank (the "Borrowings"). This shall be effected through the launch of two accelerated bookbuild offerings to institutional investors.
The Joint Global Coordinators and Joint Bookrunners for the Transactions shall be Credit Suisse Securities (Europe) Limited ("Credit Suisse") and Deutsche Bank AG. "
Rastuss - i'm sure index funds do own some, but judging from the shareholder list it's very little of the free float. The majority is owned by active money managers.
For example the iShare FTSE 100 tracker is one of the largest ETFs with $7bn in assets.
From their annual report of 2019, NMC in Feb 2019 was only 0.13% of that ETF... this represented a holding of 304,156 shares (around $8m worth) of NMC, which at the time was <0.2% of NMC's market cap... there's probably other passive funds that invest in FTSE 100, but I believes iShares is one of the largest...
Adzy is not wrong does his research.... before he talks. And it wasn't just passive funds holding this hence 1500 to 700 to 940. I wonder if whoever did the book raise at 1250p for the buttis can be sued!