The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
I still feel all is not over yet. These will trade again and recover! Only time will tell! Things could really turnaround here, new board, CEO, rescue by Mubadala and UAE gov, debt liability lies with shetty and Butti’s, takeover bid from one of the 4 interested parties since mess clears. If board didn’t know anything of it and didn’t approve it, and most likely shetty and his buddies used that money to fund other companies and fill their pockets, how is this debt legal??? Don’t think NMC is liable for it, it’s a fraud and surely they need to sell Shetty and Butti’s other companies/assets and payback the banks that money. Also, why would lenders lend such a huge amount without proper due diligence and board approval??
A fee questions?
- is there any point?
- can you join the US class action if you are based in the UK?
-if you bought and sold stock multiple times before it was suspended and lost money, is there any point putting in original price in the form or do they divi up the money based on number of units you actually hold?
- can you join multiple class actions or only one?
- do we need to pay the lawyers anything or do they take it from the company settle if there is any?
All serious responses welcome!
The way market is behaving at the moment, perhaps it should stay suspended for another 2-3 months. Hopefully common sense would have prevailed by then and FTSE will start recovering!!
NMC is f00ked due to fraud, which is it any different from the wider market which is f00ked because of the Coronavirus! It’s all doom and gloom at the moment!
Also, If board didn’t know anything of it and didn’t approve it, and most likely shetty and his buddies used that money to fund other companies and fill their pockets, how is this debt legal??? Don’t think NMC is liable for it, it’s a fraud and surely they need to sell Shetty and Butti’s other companies/assets and payback the banks that money. Also, why would lenders lend such a huge amount without proper due diligence and board approval?????
If previous financial teams EY etc. couldn’t find this 2.7B deficit why should we believe the current folks they brought in who are saying they have a deficit??
If board didn’t know anything of it and didn’t approve it, and most likely shetty and his buddies used that money to fund other companies and fill their pockets, how is this debt legal??? Don’t think NMC is liable for it, it’s a fraud and surely they need to sell Shetty and Butti’s other companies/assets and payback the banks that money. Also, why would lenders lend such a huge amount without proper due diligence and board approval?????
Sh0ve that you your arse, it doesn’t mean anything mof0!!
Don’t worry Pioneer it’s all here and universal balance is always restored! They will pay their dues one way or the other.
IMMO are you fooking stupid??? Sell NMC LSE shares on US ADR??? You clearly don’t have a clue.
How do you know companies assets will be far less than their BS value?? Nobody knows, we need NMC to confirm.
Don’t think everything is as Kosher from debt perspective as you think. Haven’t completely written this off just as yet. Need to see what happens over the coming days/weeks. They need to seize all Butti’s and Shetty’s assets and start selling them off ASAP to cover these debts, this is very embarrassing for UAE and I am very sure they are not going to let Butti’s and shetty’s get away with it. More to come here me thinks.
If board didn’t know anything of it and didn’t approve it, and most likely shetty and his buddies used that money to fund other companies and fill their pockets, how is this debt legal??? Don’t think NMC is liable for it, it’s a fraud and surely they need to sell Shetty and Butti’s other companies/assets and payback the banks that money. Also, why would lenders lend such a huge amount without proper due diligence and board approval?????
Gulf news this AM:
In recent days, news came out that a “custody” bank, which was holding NMC shares pledged to it by one of the principal shareholders, had sold some of it.
It is believed that they were sold for 12.5 pounds a share, above the 10 pounds that the shares were quoted on LSE before they were suspended.
So I take it the current SP is £12.50 ;)
GOOD THING GKSD didn’t bid, there are at least 4/5 other parties in the mix here! It’s better to get an offer in once we have everything thing squeaky clean.
Transaction date 4th March - 2270 shares purchased BY GS at £9.38? What’s all that about then?
FORM 8.5 (EPT/RI)
PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Name of exempt principal trader:
(GS) GOLDMAN SACHS INTERNATIONAL
(b) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree
NMC HEALTH PLC
(c) Name of the party to the offer with which exempt principal trader is connected:
GKSD INVESTMENT HOLDING SA (A COMPANY BACKED BY SPONSORS OF GRUPPO SAN DONATO)
(d) Date dealing undertaken:
04 March 2020
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state "N/A"
N/A
2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
Class of relevant security
Purchases/ sales
Total number of securities
Highest price per unit paid/received
Lowest price per unit paid/received
10p ordinary
Purchases
2,270
9.3840 GBP
9.3840 GBP
I would agree with that and think the time limit only applies to Gksd.
A lot of people made **** loads of money trading TLW and PMO this morning! PMO went up 120% in 30 mins.... madness!!! Anything is possible here folks ??.
UAE's NMC Health receives four serious bids to buy it.
What did I tell ya?
Gulf News;
UAE's NMC Health receives four serious bids to buy it
Manoj Nair, Associate Editor
Published: March 09, 2020 08:22
Exclusive
Those interested in UAE's biggest hospital operator include Mubadala and Hussain Sajwani
Last updated: March 09, 2020 10:12
nmchealth
The future of NMC Health starts a new chapter - March 9 is the final date for submission for investors interested in acquiring Abu Dhabi based healthcare operator. Image Credit: Gulf News Archive
Dubai: There are four interested parties in the fray to acquire NMC Health with the deadline set to end today for submissions. One or two more potential investors could still throw in their bids in the few hours left, according to informed sources.
Among the four bids, one is from Abu Dhabi investment powerhouse Mubadala, another is from Hussain Sajwani of Damac, and a third from GKI, an Italian healthcare focused firm.
Hussain Sajwani
Hussain Sajwani has been a canny investor, most recently acquiring luxury label Roberto Cavalli. He has been buying NMC Health shares from the open market. Image Credit: Gulf News Archive
As per London Stock Exchange rules, there’s a 28-day window for official bids to be made after a listed company first announces that a bid was made,” said a senior source at a local bank. “It’s been 28 days since NMC announced that it had received bids from KKR and GKI. KKR has since said it’s no longer interested.
“But there are other parties who definitely are – NMC remains the biggest healthcare operator in the UAE; it has regional aspirations and it is profitable.
“The debts of $2 billion are what is going to be an issue; plus the lack of clarity on the exact holdings of its three principal shareholders, including that of the founder Dr. B. R. Shetty.”
LSE requirements
All takeover bids need to be formally submitted to NMC by close of business on March 9. “You never know – a new offer could still be made,” said another source.
Incidentally, NMC Health shares on London Stock Exchange are still in temporary suspension. But outside of the stock exchange, the company’s shares are being actively sought.
Mubadala Investment Company
The fortunes of NMC Health could well be decided by Abu Dhabi powerhouse Mubadala, one of four bidders in the fray to take over the ailing hospital operator.In recent days, news came out that a “custody” bank, which was holding NMC shares pledged to it by one of the principal shareholders, had sold some of it.
It is believed that they were sold for 12.5 pounds a share, above the 10 pounds that the shares were quoted on LSE before they were suspended.
Since December, there have been other instances of banks selling off such blocks of shares belonging to Dr. Shetty and former vice-chairman Khaleefa Butti Omair Yousif Ahmed Al Muhairi, and Saeed Mohamed Butti Mohamed Khalfan al-Qebaisi.
It is now believed that the three o
Deos and others calm down! Have you seen the date of the transaction?? It’s 25th Feb. This is good news nevertheless in that they bought over 5% stake in the company in Feb.