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Only hope here:
"This is a slightly unusual case given that NMC Health plc is the holding company for the largest private healthcare group in the UAE and we are in the middle of a global pandemic with NMC hospitals and medical centres being used to treat Covid-19 patients in the UAE. As the enclosed statement makes clear the Administrators are keen that NMC Hospitals and medical centres continue to function as normal so their current activities remain unchanged."
Stewarts Solicitors sent me this:
Not Good
Dear Mr White
Thank you for you enquiry and at this stage Stewarts will not be bringing any claims against NMC Health plc on behalf of shareholders and we set out the reasons below. We understand your anger and concern as the available public information suggests that there has been a large scale fraud at NMC Health plc. We will be continuing to monitor the situation with NMC Health plc and we will keep our website page on NMC Health plc updated (https://www.stewartslaw.com/news/nmc-health-plc-investigating-potential-shareholder-claim/) .
We are not in a position to be able to provide you with legal advice but we do set out below our current observations on NMC Health plc based on publicly available information. The below email does not constitute advice and should only be considered as information to allow you to consider your next steps.
In terms of possible legal remedies for shareholders against the company, the news today (see enclosed company statement) that Alvarez & Marsal have been appointed as Administrators to NMC Health plc means that legal proceedings cannot be brought against NMC Health plc at this time. Under the Insolvency laws of England & Wales there is now a statutory moratorium which means that creditors and others (including shareholders) are prohibited from starting or pursuing legal proceedings against the company while it is in administration.
Under the insolvency laws in England the Administrator’s first objective of any administration is to rescue the company (as opposed to the business that the company carries on) so that it can continue trading as a going concern. If the rescue of the company is impossible, the administrator must aim to achieve a better result for the company's creditors as a whole than would be likely if the company were put into liquidation. If the administrator cannot achieve a better result for creditors as a whole, the purpose of the administration is to realise the company's assets to make a distribution to the company's creditors and only if all creditors (including unsecured creditors) are paid off in full will any distribution be made to shareholders.
The Administrator is predominantly working on behalf of creditors not shareholders and in most administrations shareholders are left with very little or zero value at the end of the administration or any liquidation that may follow.
This is a slightly unusual case given that NMC Health plc is the holding company for the largest private healthcare group in the UAE and we are in the middle of a global pandemic with NMC hospitals and medical centres being used to treat Covid-19 patients in the UAE. As the enclosed statement makes clear the Administrators are keen that NMC Hospitals and medical centres continue to function as normal so their current activities remain unchanged.
Our view is that for shareholders at this moment in time there are no effective legal actions that can b