Denmark, did not say that would be for a partner, they will be £800/hour plus. But as always they will fill the assignment full of much less experienced individuals some of whom will be learning on the job and charge extortionate rates. Suspect the composite charge will be between £400 & £500 but for a huge number of hours.
PWC will continue to support the finance function, probably at upwards of £400 and hour following the abject failure of their fellow big 4 firm of accountants who carried out the audit. They just pass the fee fest from one to another with ultimately one of them picking up the ultimate prize for fee generation of an administration.
They will try and hide behind the directors “letter of representation” and the seemingly endless amount of liability restrictions in their appointment letter so you can never be sure and it needs to be led by a group of major investors to have any chance. I am sure they have already dusted off their excuses manual.
Rastuss, Agree with you, they may get lucky once but they hit the mark too often for this to be an explanation. If the auditors employed individuals with the same experience and ability they may actually spot something. As a CFO with 15+ years of experience my internal audit teams have found things that should have been picked up by the external auditors. The problem is that most of the audit work is carried out by trainees managed by individuals, up to partner level, that have no actual experience of running a finance team, hence they do not know where to look. Even in the last year or so, investors have been let down by the shoddy audit work on Patisserie Valerie, Carillion, Burford and now NMC and Fin. Members of the same family holding senior positions should always raise a red flag for close scrutiny. Happened here and in Burford and probably was a trigger for MW to investigate, would certainly have raised alarm bells with me.
RE: RNS Out - Potential insolvency appointment17 Mar 2020 08:16
Taverham. Can only agree. This and NMC have been a major scandal kept out of the news by the recent health crisis. The roles of advisors to the IPO and auditors need investigation and not by one of the other accounting companies. Far to much feel driven vested interest.
Time will tell but recent history suggests that no numbers or statements from NMC can be trusted. Suspect the hospitals will survive but shareholders either largely or entirely wiped out. I had no holding in FIN and have mentally written my NMC holding to zero.
RE: RNS Out - Potential insolvency appointment17 Mar 2020 07:39
Just hope nobody was influenced by some of the stupid posts that were being made on here last Friday. They know who they are and have gone very silent and for some it was not the first time they have encouraged people to buy shares that rapidly became worthless and totally dismissed downside risk.
Given the amount of very expensive work supposed to be done prior to an IPO this further undermines confidence in documentation and advisors if there is a potential £100m liability missing. Someone somewhere has lied and others have been grossly incompetent.
Latino, Well the independent investigation at NMC did little to dispel the stress, merely highlighted the fiction being issued by the Board. The are links between the two businesses, not least at Board level which hardly bodes well.
Agree trust is very important but this is UK listed, subject to U.K. governance standards with U.K. non exec directors overseen by the FRC and with E&Y as auditors. Forget the UAE etc the trust issue lies very clearly at home.
RE: sometimes a negative crit isn't shorters...11 Mar 2020 11:45
Rastus, I agree and if they go back a couple of weeks they will find posters dismissing the issue, predicting share price bounces, rubbishing the Muddy Waters report, claiming it is overblown and suggesting people buy at these bargain prices. These individuals have now fallen silent.
RE: sometimes a negative crit isn't shorters...11 Mar 2020 10:02
Some of the non-execs had been on the NMC Board for years and done nothing. The existence of common directors who appear complicit in the wrong doings at NMC is a major concern as they could be doing something similar or have linked what is now looking like the biggest U.K. corporate fraud since at least Polly Peck.