(Sharecast News) - Private healthcare operator NMC Health will oversee an independent third-party review following an "attack" on the company by US short-selling firm Muddy Waters back in December.
NMC said on Monday it expected to confirm appointment of independent advisers to conduct the review shortly". Non-executive directors Tarek Alnabulsi, Lord Clanwilliam and Salma Hareb will also be joined on the review committee by chairman Jonathan Bomford.
The review will focus initially on confirmation of its cash balances as of 15 December 2019 and will be published as soon as possible, the company said. The remainder of the review was expected to be completed, and its findings published, well in advance of the finalisation and announcement of NMC's results for 2019.
Muddy Waters took out a short position against NMC back in December over doubts about the group's financial statements, asset values, cash balance, profits and debt levels. It specifically accused the firm of paying inflated prices for assets - calling the $36.4m acquisition of Premier Care Home Medical and Health Care in 2018 "a significant overpayment".
In the meantime, NMC assured investors that it remained focused on its business, strategy and wider stakeholders and in continuing to generate long-term returns and value for shareholders.
As of 0840 GMT, NMC shares had fallen 2.77% to 1,701.50p.
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