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From Bloomberg:
Italian Investor Seeks Partner to Bid for Troubled NMC
By Dinesh Nair , Archana Narayanan , and Mahmoud Habboush
March 2, 2020, 5:34 AM EST
Updated on March 2, 2020, 6:46 AM EST
San Donato-backed group approached Mubadala for joint bid
Group has until March 9 to make an offer for health-care firm
A pedestrian walks past the NMC Health Plc Royal Hospital in Dubai, on March 1.
A pedestrian walks past the NMC Health Plc Royal Hospital in Dubai, on March 1. Photographer: Christopher Pike/Bloomberg
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An investment company linked to Italy’s largest private hospital operator is seeking a partner to bid for NMC Health Plc, the Middle Eastern health-care company being investigated by the U.K.’s financial regulator over fraud allegations, according to people with knowledge of the matter.
GKSD Investment Holding SA approached Mubadala Investment Co. about becoming an equity partner, the people said, asking not to be identified as the matter is private. The news comes as NMC asked lenders for a reprieve on its debt and Moody’s Investors Service slashed its rating by five levels, saying its financial statements can’t be relied on.
From Gulf news:
From Gulf News:
UAE’s NMC Health CEO gets to work on debt and paying salaries
Deals with lender banks can give healthcare operator some much needed time
Published: March 03, 2020 07:26
Manoj Nair, Associate Editor
NMC Hospital Royal
One of the crown jewels in NMC Health's portfolio - the NMC Hospital Royal in Abu Dhabi.
Image Credit: Gulf News Archive
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Dubai: Michael Davis is having a busy first week as the new (interim) CEO of NMC Health, the UAE’s largest hospital operator and now facing the fight of its life to nurse itself back into financial health.
First up, NMC Health confirmed that it will be asking lender banks to go easy on debt repayments owed to them. The Abu Dhabi headquartered group’s combined debt exposure is upwards of $2 billion, announced at the time of the 2019 half-yearly results. Banking sources say some of it has been paid back.
If the banks agree – and the chances are they will – to not press on payment obligations, NMC will achieve an “immediate stabilization of the group’s financing”. More importantly, it will buy precious time for the company.
Davis is uniquely placed to oversee the high stakes negotiations with lenders and other stakeholders. Before joining NMC as Chief Operating Officer, he was holding a top positon at TVM Healthcare, a private equity fund that specializes in healthcare-related businesses.
“The CEO is a “people’s person” – employees can see him as being completely transparent in his dealings with them,” said an official who knows him well. “In the last 7 days, he’s been working 16 hours a day… trying to save the company.”
From Arabian news:
03/03 - Kanoo offers to join NMC board to help struggling healthcare provider
Abu Dhabi wealth fund Mubadala Investment Company is considering buying a stake and taking a board seat in the company. The chairman of one of the largest family owned groups in the Gulf region has offered to join the board of struggling UAE healthcare provider NMC Health, which is facing an investigation by the UK’s Financial Conduct Authority over allegations of fraud.
Dubai-based Bahraini billionaire Mishal Kanoo said on Twitter he supports the company’s efforts in developing healthcare in the UAE.
Hi @NMCHealthcare I believe in what you are doing in the healthcare sector in the #uae. If you are looking for a board member who believes in you, consider me for the job,” he said.
Support
Kanoo told Arabian Business the financial concerns surrounding the UAE’s largest healthcare provider are linked to ownership, and urged investors to support the company.
“Considering that most of the issues are to do with ownership and not operation, why would we not support a medical centre that has done a lot of good within the UAE?” he said.
Lifeline?
In positive news for the once prominent healthcare provider, Bloomberg revealed $229bn Abu Dhabi wealth fund Mubadala Investment Company is considering a potential investment in NMC Health, having held early discussions to look at a range of options including buying a stake and taking a board seat.
GKSD Investment Holding, which is linked to Italy’s largest private hospital operator, is also seeking to partner with Mubadala Investment Co to bid for NMC Health, which has meanwhile hired global independent investment bank Moelis & Co to advise on debt restructuring, according to Reuters.
PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Name of exempt principal trader:
J.P. Morgan Securities Plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
NMC Health plc
(c) Name of the party to the offer with which exempt principal trader is connected:
Corporate Broker & Financial Adviser to NMC Health.
(d) Date dealing undertaken:
3 March 2020
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
If it is a cash offer or possible cash offer, state "N/A"
N/A
2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
Class of relevant security
Purchases/ sales
Total number of securities
Highest price per unit paid/received
Lowest price per unit paid/received
Ordinary Share
Purchase
Sale
200,000
-
54.9500 USD
-
54.9500 USD
-
Are things really that bad or is it all overblown by path3tic shorters like Adzy etc....
As per the FY2018 report:
Borrowing (debt) -550m
Inventory - 250M
Cash in bank - 325M
Tangible assets - 850M (have gone up significantly since 2018)
Intangible assets - 1.6B
secret off-balance sheet financing by sherry and his buddies without boards a authorisation - 335M
Now Make up your own mind as to, if, all this hype and negativity around NMCs finances is justified!?. Seems like Moelis is simply hired as a backfill to cover for the sick CFO and lack of folks in the finance dept to probably assist with Freeh investigations and sort payroll etc. People might be making a mountain out of a molehill here. Until I hear anything formally from NMC, not buying into any of this made up news crap! IMHO company will do well overtime, firings the dodgy BRS & his buddies and CEO who turned blind eye to the whole thing was absolutely the right thing to do. This should come back over £10 when this ones out of suspension in April. Solid Takeover interest from 3 organisations Mudabala, Rasmala and GKI is no confidence, this is a solid growth healthcare business. UAE govt isn’t let this disappear, they need it!!
Doubt NMC will ever trade again on the FTSE to be honest. If people think that there isn't serious issues below the bonnet - think again.... does that car have an engine at all????
Doesn't have an engine by looks of it.
Think
it does as its called the UAE medical infrastructure a lot of commentators in the ME have stated this is different and they just cant afford to lose that infrastructure . There is also pride and reputation at steak for the UAE , Mubadala dont have an option but to take it over . I agree the price and format are up for grabs.
Bond price is going up! Takeover news is imminent! F0ck the doom mongers!
PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Name of exempt principal trader:
(GS) GOLDMAN SACHS INTERNATIONAL
(b) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
NMC HEALTH PLC
(c) Name of the party to the offer with which exempt principal trader is connected:
GKSD INVESTMENT HOLDING SA (A COMPANY BACKED BY SPONSORS OF GRUPPO SAN DONATO)
(d) Date dealing undertaken:
03 March 2020
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state "N/A"
N/A
2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
Class of relevant security
Purchases/ sales
Total number of securities
Highest price per unit paid/received
Lowest price per unit paid/received
Convertible bond 2025
Sales
2,800,000
58.5000 USD
57.1250 USD
Are things really that bad or is it all overblown by path3tic shorters like Adzy etc....
As per the FY2018 report:
Borrowing (debt) -550m
Inventory - 250M
Cash in bank - 325M
Tangible assets - 850M (have gone up significantly since 2018)
Intangible assets - 1.6B
secret off-balance sheet financing by sherry and his buddies without boards a authorisation - 335M
Now Make up your own mind as to, if, all this hype and negativity around NMCs finances is justified!?. Seems like Moelis is simply hired as a backfill to cover for the sick CFO and lack of folks in the finance dept to probably assist with Freeh investigations and sort payroll etc. People might be making a mountain out of a molehill here. Until I hear anything formally from NMC, not buying into any of this made up news crap! IMHO company will do well overtime, firings the dodgy BRS & his buddies and CEO who turned blind eye to the whole thing was absolutely the right thing to do. This should come back over £10 when this ones out of suspension in April. Solid Takeover interest from 4 organisations Ithmar, Mudabala, Rasmala and GKI is no confidence, this is a solid growth healthcare business. UAE govt isn’t let this disappear, they need it!! IMO, these will open UP when they come out of suspension in April. Suspension was probably for the best for now - get all the bad news out of the way, get a new CEO & a couple of board members, takeover bidding war, followed by a takeover at £12-13, it’s worth that all day and then this opens up 50% from the last closing price! Watch the space ;).
So they sold 2.8m bonds then they bought back 600,000
Can anyone explain I am lost
Guys are we toast? I just want to know (as with anything in life) where I stand and then I can deal with the loss!!
I think it all depends on the lenders if they stick with us then something will be sorted out,either a restructing of debt or whatever no doubt the share will take an initial hit but in the long run it may be ok
Rastus that's kinda what I said in my last sentence