Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Just got a note from my broker about this company coming back again as a restructure. Not sure if that means we will get any money for our shares or if the whole lot is gone.
I doubt if we get our money back. Then again, the odds probably more than winning the lottery.
The only news I can see is the 29 March announcement that the period of Administration has been extended for another three years - until April 2025. Administrators don’t work for nothing. Even if they find anything, it’s likely to go to pay legal etc. fees and secured and unsecured creditors. Shareholders are at the bottom of the pecking order.
This was the news I read on Friday.
NMC came out of administration on Friday, ending two years of uncertainty after debts racked up in an alleged fraud threatened to destroy the United Arab Emirates’ largest private healthcare group.
The scandal at NMC left creditors with large outstanding debts. The company collapsed in 2020 after revealing more than $4bn in previously undisclosed liabilities across NMC and other businesses founded by Indian entrepreneur BR Shetty.
A new NMC group, NMC OpCo Ltd, has been formed from 34 of the 36 companies that were subject to the administration proceedings under the courts of Abu Dhabi’s international financial centre, allowing the healthcare operations to continue to trade normally.
The group is now planning to expand its hospitals and clinics, build new revenue streams and find cost efficiencies.
The UK’s NMC Healthcare PLC and UAE-registered NMC Healthcare Ltd will remain in administration, allowing Alvarez & Marsal to continue its investigation and pursue potential avenues to recover funds for creditors.
Only the final paragraph applies to the shareholders here. Shareholders aren’t creditors. It’s regrettably very unlikely that the Administrators will find enough plundered money to meet the claims even of the creditors. Shareholders here have been robbed while the Board looked on. Particularly, you might think, the Chairman of the Audit Committee and his fellow committee members. The former had no financial qualification or experience, but he is a member of the Irish peerage. He’s currently Chairman of an AIM oil and gas company. No one is held to account or even feels any sense of responsibility any more.
There’s a progress report by the Administrators on the NMC Companies House site. It says the preferential creditors have been paid out in full and they expect some kind of payment to the unsecured creditors but they don't expect anything to be left for the shareholders. They’re suing the auditors!