Member Info for adzy2k11

perhaps because the closed period started from early jan?
also how are they paying for the Freeh investigation if they have no cash...
why did they pay a $90m bond if they had no cash?...

again, i reiterate, the process of signing off on a buyback programme is extensive and would have been vetted by multiple "independent" parties...

ofcourse this could have all been a front and it's a fraud in which we/the market was lied to all along...

They did also buy back a $90m bond... so there was clearly cash there in December...

I do find this interesting from August however:
"As the leading shareholders in the Company have indicated that they would not be willing to participate in
any buyback at the Company’s present valuation, the Company will be required to also seek shareholder
approval to waive the compulsory purchase provisions as stated in Rule 9 of the Takeover Code.
The Company has a number of very attractive investment opportunities for the short and medium term which
it remains committed to deliver. Further, the Company also maintains a strong balance sheet to provide
suitable optionality of funding and therefore the share buyback programme will, subject to shareholder
approval, only be employed opportunistically to take advantage of exceptional price volatility and will be
limited to a maximum of US$200m"

it was voted through still...

"business recently pledged $200m in share buyback- and hasnt yet spent a penny of that"

Technically they did spend a penny of that, albeit only 200k shares and 3 million pounds worth...

I do find it shocking how a company could go through all the vetting of a share buyback programme if they didn't have the cash to do so... it's inconceivable how this would get through audit... I had thought they were delaying the share buyback because of the closed period and then being subject to a bid... but god knows, maybe they just did completely falsify their cash balances.

Gary you said you bought in at 770 and have continued to comment since 26 feb...

I’m not defensive, actually still very negative but trying to keep an open mind to both sides of the story.

https://www.thetimes.co.uk/article/abu-dhabi-eyes-stake-in-nmc-health-lxq6xmnj8?shareToken=e288090d870947899040e04ef65a566f

Multiple sources now running this story.

Gary
1) credit card or receivables pledging is actually not that unusual in Middle East
2) staff in ONE hospital was supposedly paid 5 days late

Lol I assume you’re being sarcastic...

Also hakkasan board (which had butti) was replaced by mubadala so there’s precedent here.

“Aabar Investments, part of the giant Mubadala sovereign wealth fund, took control from Tasameem Real Estate in September”

https://www.telegraph.co.uk/business/2019/03/31/hakkasan-board-replaced-another-year-losses/

What’s also interesting is that the chairman of tabreed is a khaled al-qubaisi, who from what I can make out is related to none other than our own Saeed al-qubaisi!

https://www.mubadala.com/en/who-we-are/investment-committee/khaled-abdulla-al-qubaisi

Another example of a bailout is aldar properties which then quadrupled following mubadala’s help

https://www.google.co.uk/amp/s/mobile.reuters.com/article/amp/idUSL6E7NF1OT20111215

Thanks SPAC.

In 2011 Tabreed was recapitalised and is now one of the best performing public companies in the United Arab EmirateS

https://www.google.co.uk/amp/s/amp.arabianbusiness.com/amp/article_listing/aben/uae-s-tabreed-gets-844m-lifeline-from-mubadala-384279.html

That could be true Gary, I don’t necessarily disagree with you, but let’s stick with analysing the facts and merits of new information as we get it.

For now I wouldn’t rule out the mudabala news

Gary - it’s out of the “pan” and into the fire!

And I fully welcome your negative views but please stop spreading fake news saying “haven’t been paid in a month” when you know that’s not what the source said.

Otherwise you’re just as bad as the rampers like Tina which tried to tell us all yesterday that a new Audit committee has been formed but then when we provided proof of its already existence she/it never reappeared.

Let’s stick to helping each other through real information/news.

“ haven't paid staff in a month “

Gary - the one source said they get paid on 25th but was being delayed to the 1st... hardly a massive delay! and I’m
Suspect of this news too because if this was true you’d hear about it in uae news too! Not heard anything since.

Lol you all had me wrong! I’ve just been here for the education and to figure this fascinating mystery out. I have no clue how this ends up, my bias is still a zero but will gradually analyse more to see if there’s any equity value for shareholders.

Gary - maybe.
So far the debt and cash flow is as per the guidance minus some adjustment for new revelations. The problem is we just don’t know the extent of the materiality of the revisions. if it’s 50% lower then there’s still value left for shareholders but it equally just be an outright fraud, we just don’t know.

https://www.mubadala.com/en/what-we-do/healthcare

https://www.google.co.uk/amp/s/headtopics.com/my/mubadala-to-weigh-buying-jadwa-s-uae-healthcare-assets-11120869

https://www.thenational.ae/business/economy/mubadala-looks-to-boost-investment-in-medical-technology-and-life-sciences-1.977524

Doesn’t seem that far-fetched to me.

They can buy the entire debt trading at 47c on the dollar now and take a controlling stake that way. No need to offer anything to shareholders. But yes will depend on the extent of the financial mess.

All we know now is there was a $335m off be debt balance as of December 2019 that could or could not have been paid by the margin calls. We also have been told there is some discrepancy in cash, and that cash was $500m 6 months ago... Everything else is rumours and predictions

Where did you 20% from? Did you just pluck that number from thin air?

4) they’re actively in the market for healthcare assets

https://www.google.co.uk/amp/s/headtopics.com/my/mubadala-to-weigh-buying-jadwa-s-uae-healthcare-assets-11120869

https://www.thenational.ae/business/economy/mubadala-looks-to-boost-investment-in-medical-technology-and-life-sciences-1.977524

I’m not sure if thomas cook is a good comparison here, 1) tcg was operationally a mess in a dying industry, 2) mudabala are related to the buttis and while they have a committee that vet investments they also have an objective to support the uae economy; 3) they have $230bn aum so not a huge stretch