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Rastuss: incorrect again. Wellington and Capital don’t manage passive. You need to look through regulatory filings to find which funds they are held in. For example for Capital Group their 12% ownership for NMC was in their active europacific fund.
Google the data for UK. it’s nowhere near the same. But like I said just look though the shareholder list for nmc and you’ll see my point..
While passive has been winning share for sure, index funds own 14% share of the US stock market. (Up From 7% in 2010). Source WSJ. The trend is nowhere near the same in the UK.
Regardless it differs vastly comply by company. As you know, nmc only had around 40% free float (before margin calls). Of that the top shareholders were wellington management, capital group, Hermes, norges etc. These are all active money managers. Even for blackrock if you dig in to the underlying funds in which the security was held it was their active funds which held nmc, not their passive tracker. Hope that helps.
Rastuss - "Re institutional investors, many of these will be index funds"
This is not correct.
Look at the shareholder list and the funds in which NMC was held in.
The vast majority were ACTIVE funds controlled by a fund manager with explicit responsibility for due diligence in this fraud.
Passive index funds made up a minor amount of the float.
This has been fraud since day 1. Take money out of any listed company enjoy life use half to start another company and keep on repeating. Then deny any knowledge.
We saw reverse financing. We didnt see $4.5 billion stolen! Even of muddy waters was 100% right we would still get 500p. Risk was worth it. No one forsaw a complete fraud.
Deos. You come under the umbrella of a clueless investor. There are two parts. The Business (going Concern) and the Gamblers (p.i's, II's etc. Both work independently of each other. The clever Bondholders hold the cards even though they take a big haircut too. The Business is revenue generating and makes money, but debt is still there. P.Is never saw this or took a blind eye. Only MW saw this and red flagged. Again P.I's as clueless as they are could not see that. Nor did MW see the fraud, but the writing was on the wall. nuff said
Theyl get fined $100 million we will never see a penny.
RNS on LSE is a bit late:
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/14526483.html
If you have not already, please join the Facebook group, I have posted this in various places to try and aim all to Facebook.
That way we all get all information, and as a united group can act quicker with information etc
Thanks
https://www.facebook.com/groups/2994256800634010/?ref=share
I just dont get its see easy to cause huge fraud in a ftse 100 stock
Why dont all big companies do this to wipe out shareholders as no protection
You must be blind?
How NMC as a business carries on and the shareholders are wiped out after being lied too so blatantly.
Surely people will sue the new company or just burn down the hospitals.
If it was this easy to wipe out shareholders all big companies would do this have different directors and company name and lose the debt of creditors and shareholders.
I don't know if it's comparable, but,
Sirius minerals dropped on hard times, could not get funding to complete the mine, so Anglo American struck a deal and bought them out.
My shares in this were 10-20p
Anglo offered 5.5p and that's what shareholders received regardless what they paid, I'm not sure if you could 'swap' so many sirrius for Anglo shares on the takeover day.
But, if nmc goes up for sale or someone approach with an offer, we may find ourselves in this position ???
I think ????
Rastuss, you are probably right. Just remains to be seen to see whether Shetty can add any value in recovering assets, whether he is full of the brown stuff, and how badly the current board/administrators will act to rescue any value for creditors and shareholders. Who knows what will happen, but they have some very clever people in control, and a lot of ii’s Involved too.
Think even if they manage to recover $4 billion no one has any idea what NMC is worth from the looks of it every years results going back even to the IPO are made up. Basically its worse than a ponzi its a con and uk allowed it by letting them list on uk. We should sue the Russel index or who ever manages the ftse 100!
MRD
How can they get away with this?
Anglo American went down to £2 then back upto £20 lol
We had no fcking warning no other company ever has gone into administration from £9 a share
Remember the chap who threw away a hard drive with 2000 bitcoin (or something) who thought at the time they were worthless, turned into £4million.
You can’t sell them, nobody will buy them, but you still own them. However, companies have been in brink of bankruptcy before and delisted, then come back. Anglo American, General Motors. I have accepted total loss but had 7000 shares. Maybe in 20 years they’ll be £40 again. Just hang on to them, nothing left to lose.
I gave em to charity. Halifax was useles..
Just got a Corporate Action Notice - Delisted WTF now
Dont blame you Mrd............Tullow was one thing but this is quite another
As long as you have family you/ll get through it , i was never invested here but have followed the saga mainly due to Mrd cashing his chips in at Tullow and moving what was left here
GLA with moving onwards and hopefully upwards
Na im just feel like I need someone to kill over this.
Whether he living like a king or not it wont be what he's used to and that will hit and the buttis hard. What we consider as living like kings will be like a bad life for him and his family.
This will hit him hard last 5 years if he needed any money millions billions he ring prasanths and they ring bank and arrange it. Now not only has his accounts been frozen but he's lost all his usual ring and get millions and billions on nmc name.