Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
WOW... FTSE down almost 9% now, didn’t think I would see the day, Madness!!! People are so sheepish, everybody is buying into the panic WTF. Good job these are suspended for now!
Like I said, IMHO these will open above £12-13 when they come out of suspension. Read the article in Gulf news today!
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 own less than 10 per cent of shares in NMC from the o
As per the FY2018 report:
Borrowing (debt) -550m
Inventory - 250M
Cash in bank - 325M
Tangible assets - 850M (have gone up significantly since 2018)
Intangible assets - 1.6B
secret off-balance sheet financing by sherry and his buddies without boards a authorisation - 335M
Now Make up your own mind as to, if, all this hype and negativity around NMCs finances is justified!?. Seems like Moelis is simply hired as a backfill to cover for the sick CFO and lack of folks in the finance dept to probably assist with Freeh investigations and sort payroll etc. People might be making a mountain out of a molehill here. Until I hear anything formally from NMC, not buying into any of this made up news crap! IMHO company will do well overtime, firings the dodgy BRS & his buddies and CEO who turned blind eye to the whole thing was absolutely the right thing to do. This should come back over £10 when this ones out of suspension in April. Solid Takeover interest from 4 organisations Ithmar, Mudabala, Rasmala and GKI is no confidence, this is a solid growth healthcare business. UAE govt isn’t let this disappear, they need it!! IMO, these will open UP when they come out of suspension in April. Suspension was probably for the best for now - get all the bad news out of the way, get a new CEO & a couple of board members, takeover bidding war, followed by a takeover at £12-13, it’s worth that all day and then this opens up 50% from the last closing price! Watch the space ;).
This will come out strong on the other side! Watch the space!
Trump golf pal sparks NMC bid talk after building up a significant stake in troubled hospital firm
By Jamie Nimmo, Financial Mail On Sunday
23:46 07 Mar 2020, updated 15:19 08 Mar 2020
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Donald Trump’s business partner in Dubai has built a significant stake in NMC Health, sparking speculation that he could be eyeing a bid for the embattled hospitals operator.
Hussain Sajwani, a billionaire property tycoon who recently snapped up Italian fashion house Roberto Cavalli, has bought 6.8 per cent of the FTSE 100 company. His stake is worth £133million.
Sajwani is building golf courses in Dubai with the US President and, it has emerged in stockmarket disclosures, has quietly become one of scandal-hit NMC’s largest shareholders.
From Arabian news:
03/03 - Kanoo offers to join NMC board to help struggling healthcare provider
Abu Dhabi wealth fund Mubadala Investment Company is considering buying a stake and taking a board seat in the company. The chairman of one of the largest family owned groups in the Gulf region has offered to join the board of struggling UAE healthcare provider NMC Health, which is facing an investigation by the UK’s Financial Conduct Authority over allegations of fraud.
Dubai-based Bahraini billionaire Mishal Kanoo said on Twitter he supports the company’s efforts in developing healthcare in the UAE.
Hi @NMCHealthcare I believe in what you are doing in the healthcare sector in the #uae. If you are looking for a board member who believes in you, consider me for the job,” he said.
Support
Kanoo told Arabian Business the financial concerns surrounding the UAE’s largest healthcare provider are linked to ownership, and urged investors to support the company.
“Considering that most of the issues are to do with ownership and not operation, why would we not support a medical centre that has done a lot of good within the UAE?” he said.
Lifeline?
In positive news for the once prominent healthcare provider, Bloomberg revealed $229bn Abu Dhabi wealth fund Mubadala Investment Company is considering a potential investment in NMC Health, having held early discussions to look at a range of options including buying a stake and taking a board seat.
GKSD Investment Holding, which is linked to Italy’s largest private hospital operator, is also seeking to partner with Mubadala Investment Co to bid for NMC Health, which has meanwhile hired global independent investment bank Moelis & Co to advise on debt restructuring, according to Reuters.
This might not all be that bad as shorters are portraying it here, this could well be a very smart move of NMCs part, suspend the shares, get all the bad news out and their house in order and with at least 3 confirmed takeover bidders in the mix currently, come back with a vengeance at the end of April. This could easily open at least 50% higher at the end of April! Especially with huge takeover interest in this high growth healthcare business, it happened at AA and SP suspended at 229 and now trading at 1850, go figure!!
The NMC simply provided a contractual guarantee in case of non-payment or default in case companies owed by related parties weren't able to meet their contractual obligations to credit providers. These balances were approx $335m at the end of the year. Nothing unusual if you think about it, companies do it all the time. The only problem is that this hasn't been approved by the board and contingent liability as they call it disclosed in the notes to the accounts. Normally those disclosures give the users of the accounts an estimate of the potential financial effect and better understanding of any associated risks. This doesn't, by any means, mean that the company owes $335m. As long as the entities owed by the related parties pay their debts, which they are, there is basically no financial impact. The facilities will also "no longer be made available for further supplier financing" so no future impact possible. It could be as simple as a guarantee and support for the smaller entities with no sufficient credit rating & cash flow available in order to enable them to grow quicker & operate on the higher level. There is no mention of any defaults & inability to pay obligations by those businesses. They may as well be operating successfully and running at a profit. Plus their stock is under lock down, which can be used to pay for any potential debts. Obviously the guarantees should have been approved by the board & disclosed in accordance with the Listing Rules. This will come back with vengeance, when it comes out of suspension in April IMO
From the Times:
Donald of Dubai’ weighs options after building stake in NMC Health
Tom Howard
Saturday March 07 2020, 12.01am, The Times
n Emirati property tycoon has emerged with a 5 per cent stake in NMC Health. Hussain Sajwani, a business associate of President Trump and dubbed the “Donald of Dubai” —and who is also developing a luxury tower block at Nine Elms in south London — has built the stake in the FTSE 100 private hospitals group through various vehicles.
This might not all be that bad as shorters are portraying it here, this could well be a very smart move of NMCs part, suspend the shares, get all the bad news out and their house in order and with at least 3 confirmed takeover bidders in the mix currently, come back with a vengeance at the end of April. This could easily open at least 50% higher at the end of April! Especially with huge takeover interest in this high growth healthcare business, it happened at AA and SP suspended at 229 and now trading at 1850, go figure!!
The NMC simply provided a contractual guarantee in case of non-payment or default in case companies owed by related parties weren't able to meet their contractual obligations to credit providers. These balances were approx $335m at the end of the year. Nothing unusual if you think about it, companies do it all the time. The only problem is that this hasn't been approved by the board and contingent liability as they call it disclosed in the notes to the accounts. Normally those disclosures give the users of the accounts an estimate of the potential financial effect and better understanding of any associated risks. This doesn't, by any means, mean that the company owes $335m. As long as the entities owed by the related parties pay their debts, which they are, there is basically no financial impact. The facilities will also "no longer be made available for further supplier financing" so no future impact possible. It could be as simple as a guarantee and support for the smaller entities with no sufficient credit rating & cash flow available in order to enable them to grow quicker & operate on the higher level. There is no mention of any defaults & inability to pay obligations by those businesses. They may as well be operating successfully and running at a profit. Plus their stock is under lock down, which can be used to pay for any potential debts. Obviously the guarantees should have been approved by the board & disclosed in accordance with the Listing Rules. This will come back with vengeance, when it comes out of suspension in April IMO
Can you? Really? Doesn’t seem like it’s registering? Good for nothing sh0rting scum!!!! Can’t wait for these to open up 50% when they come out of suspension in April, so that we can sh0ve all this doom and gloom up your ars3!!
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)
1. KEY INFORMATION
(a) Full name of discloser: Davidson Kempner Capital Management LP
(b) Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree NMC Health plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure 05/03/2020
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A” NO
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security:
Convertible bond 2025
Interests Short positions
Number % Number %
(1) Relevant securities owned and/or controlled: 23,000,000 6.3889
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL: 23,000,000 6.3889
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:
3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(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 Purchase/sale
Number of securities Price per unit
Convertible bond Purchase 1,000,000 60.7500 USD
Convertible
From Arabian news:
03/03 - Kanoo offers to join NMC board to help struggling healthcare provider
Abu Dhabi wealth fund Mubadala Investment Company is considering buying a stake and taking a board seat in the company. The chairman of one of the largest family owned groups in the Gulf region has offered to join the board of struggling UAE healthcare provider NMC Health, which is facing an investigation by the UK’s Financial Conduct Authority over allegations of fraud.
Dubai-based Bahraini billionaire Mishal Kanoo said on Twitter he supports the company’s efforts in developing healthcare in the UAE.
Hi @NMCHealthcare I believe in what you are doing in the healthcare sector in the #uae. If you are looking for a board member who believes in you, consider me for the job,” he said.
Support
Kanoo told Arabian Business the financial concerns surrounding the UAE’s largest healthcare provider are linked to ownership, and urged investors to support the company.
“Considering that most of the issues are to do with ownership and not operation, why would we not support a medical centre that has done a lot of good within the UAE?” he said.
Lifeline?
In positive news for the once prominent healthcare provider, Bloomberg revealed $229bn Abu Dhabi wealth fund Mubadala Investment Company is considering a potential investment in NMC Health, having held early discussions to look at a range of options including buying a stake and taking a board seat.
GKSD Investment Holding, which is linked to Italy’s largest private hospital operator, is also seeking to partner with Mubadala Investment Co to bid for NMC Health, which has meanwhile hired global independent investment bank Moelis & Co to advise on debt restructuring, according to Reuters.
It was you then MRD ;). It’s such a tiny market, you can easily manipulate it!! All BS.
Hahahah Adzy is full of cr0p!!! When ADR was up 22% a couple of days back, his comments were “don’t read too much into it, so ya just ADR”!? And now it matters???? ADR tracks NMC.LSE, since it’s not trading here in the UK, Americans are just making up prices it’s back up 3% right now. ADR is irrelevant, when this opens UP in April it will track the main market here!
Are things really that bad or is it all overblown by path3tic shorters like Adzy etc....
As per the FY2018 report:
Borrowing (debt) -550m
Inventory - 250M
Cash in bank - 325M
Tangible assets - 850M (have gone up significantly since 2018)
Intangible assets - 1.6B
secret off-balance sheet financing by sherry and his buddies without boards a authorisation - 335M
Now Make up your own mind as to, if, all this hype and negativity around NMCs finances is justified!?. Seems like Moelis is simply hired as a backfill to cover for the sick CFO and lack of folks in the finance dept to probably assist with Freeh investigations and sort payroll etc. People might be making a mountain out of a molehill here. Until I hear anything formally from NMC, not buying into any of this made up news crap! IMHO company will do well overtime, firings the dodgy BRS & his buddies and CEO who turned blind eye to the whole thing was absolutely the right thing to do. This should come back over £10 when this ones out of suspension in April. Solid Takeover interest from 4 organisations Ithmar, Mudabala, Rasmala and GKI is no confidence, this is a solid growth healthcare business. UAE govt isn’t let this disappear, they need it!! IMO, these will open UP when they come out of suspension in April. Suspension was probably for the best for now - get all the bad news out of the way, get a new CEO & a couple of board members, takeover bidding war, followed by a takeover at £12-13, it’s worth that all day and then this opens up 50% from the last closing price! Watch the space ;).
Totally a free with you Wiser, Adzy is the most disgusting and path3tic mofo shorters on here! Always all doom and gloom with him/her. Just ignore him, RNS categorically said it’s temporary suspension requested by NMC. So they will sort things out and this will be out of seusoensikn by end of April, when this IMHO open UP on the last closing price!
Administration??? You on drugs??
Are things really that bad or is it all overblown by path3tic shorters like Adzy etc....
As per the FY2018 report:
Borrowing (debt) -550m
Inventory - 250M
Cash in bank - 325M
Tangible assets - 850M (have gone up significantly since 2018)
Intangible assets - 1.6B
secret off-balance sheet financing by sherry and his buddies without boards a authorisation - 335M
Now Make up your own mind as to, if, all this hype and negativity around NMCs finances is justified!?. Seems like Moelis is simply hired as a backfill to cover for the sick CFO and lack of folks in the finance dept to probably assist with Freeh investigations and sort payroll etc. People might be making a mountain out of a molehill here. Until I hear anything formally from NMC, not buying into any of this made up news crap! IMHO company will do well overtime, firings the dodgy BRS & his buddies and CEO who turned blind eye to the whole thing was absolutely the right thing to do. This should come back over £10 when this ones out of suspension in April. Solid Takeover interest from 4 organisations Ithmar, Mudabala, Rasmala and GKI is no confidence, this is a solid growth healthcare business. UAE govt isn’t let this disappear, they need it!! IMO, these will open UP when they come out of suspension in April. Suspension was probably for the best for now - get all the bad news out of the way, get a new CEO & a couple of board members, takeover bidding war, followed by a takeover at £12-13, it’s worth that all day and then this opens up 50% from the last closing price! Watch the space ;).
Bonds are up from $48 to $61 in 3 days.