Member Info for adzy2k11

Yup! I believe they owned 3-4% of that sh*t too.

But to be fair, they are so big that they are on 50% of all share registers!

Yes - that’s the point. Cash crisis all over again.

https://www.thenational.ae/uae/new-medical-centre-refinances-most-of-dh475m-in-debt-1.440322

No change for Norges. The latest RNS just breaks down how their stake is made up.

From 27 February RNS, they had 8,498,363 or 4.07 % of NMC shares, with their latest purchase of 8,997 shares at GBP 8.9663.

They still have 4.07% of NMC.
Now they seem to have

Better close the short asap then!

“Payroll issue” is what the interim CEO said... make of that what you will.

“Potentially” yes.

It would be prudent to assume, as James @ Jeffries has, that NMC is liable for $335m.

How could you tell the were “rich”?

Ok fair enough, but the lenders don’t normally wait, they come after the guarantor as soon as payment is not made.

“ NMC are a guarantor for the supply chain financing and not required to make payments”

Lol such a contradictory statement... you do know the meaning of a “guarantor”, right? If Shetty and co. don’t pay then NMC are on the hook.

Buttis own Fin!

well, of the $2bn, we know $400m is unused RCF which would have likely been removed immediately once the major shareholders ownership fell below 30%... so it's $1.6bn of debt left, of which some may (or may not) have been called (and paid) back already.

then you have to add on some of the $335m new debt from supply chain financing arrangements, given the contractual obligation rests with NMC and assuming Shetty and co. haven't paid.

cash* crisis

"Adzy can you confirm or deny that nmc is owed $700 million?"

MrD - according to the 2019 mid-year results NMC does have $616m in trade receivables, with receivables days at 89 days... but according to FT it looks like they had already been borrowing against some (credit card) receivables.

I can't quite make out how they've managed to get themselves into such a crash crisis so quickly... they must have been forced to pay back a big chunk of their debt early.

yup, i'm in Teladoc (tele-medicine) company and it has been doing brilliantly!

"I fully understand that this does not meet the requirements of many of you who have obligations to your families back home or to banks here locally. Please know that we are working diligently to correct this payroll issue ASAP and hope to have a solution soon.
"With the recent change in leadership, I felt it was important to personally reach out and ask for your support while we work through this challenging period. The NMC board has brought in a team of international experts to assist us in restructuring and reorganising our finances to better position NMC for long-term sustainable success."

"The new management team felt it was right to communicate with employees after a period of significant uncertainty and the letter has been well received. The company's current expectation is that the February payroll be completed  before 16 March ."

Wiser -
“Example- PMO was suspended in 2016 at £0.19 for 3 weeks and then returned at £0.38 and never looked back since”

I can only assume you are purposely trying to mislead and/or give people false hope here?

PMO or Premier Oil was subject to an acquisition classified as a “reverse takeover” under the FCA Listing Rules, hence they suspension. NMC is suspended because of accounting irregularities. In no way are these the same or remotely related.

I’m all for giving relevant examples, but please refrain from misleading people.

Even for capital group, who own 12% here, it’s a 0.10% position in their huge multi-manager Euro Pacific fund, so the drawdown probably won’t even show up in attribution!

Yes, embarrassing, but at most it’s a 50bps impact which can easily be hidden so clients won’t really care as long as 99.5% of their portfolio is doing ok.