Member Info for Hamz74

What was the FT article saying large IIs will pursue legal action? I read something about unnamed shareholders trying to delay proceedings at the end of an article. Was there anything more precise? For now, administration precludes legal action against the company itself, as per the letter from Stewarts law firm, so this would presumably only be legal action against directors?

Thinking back, why did they need to pledge credit card receivables to ADCB a few weeks ago? Is it because another borrower already had first claim over some cashflows at that time, or because the overall cashflows were not enough to service debt? We do not even know the full hierarchy of creditors in terms of who has first claims over which cashflows. We also need to distinguish between interest and principal. Maybe EBITDA could cover interest, but defaults resulted in principal becoming due, which could not be repaid.

FT article quotes the judge as saying fraud is only alleged at this stage, and quotes Shetty as saying he will soon reveal his own report with his own findings...

Google finance here seems to show 0.10 GBX. Is that 10p, or one tenth of a penny? Have the shares now relisted or is this some kind of error? https://www.google.com/search?sxsrf=ALeKk019GzMy9qDi_Ag-3S6be_WIq7cAew%3A1586449126202&ei=5kqPXqD5C9j9gAbV752wDA&q=nmc+share&oq=nmc+share&gs_lcp=CgZwc3ktYWIQDFAAWABgtRFoAHAAeACAAQCIAQCSAQCYAQCqAQdnd3Mtd2l6&sclient=psy-ab&ved=0ahUKEwighPzE39voAhXYPsAKHdV3B8YQ4dUDCAw&uact=5 ADR is still 81 US cents right now.

Tesco shareholders got compensation, here is the detail https://www.telegraph.co.uk/investing/shares/tesco-shareholder-bondholder-claim-400-compensation/ But of course Tesco is a going concern.

The RBS and Tesco shareholder litigation involved going concern companies. Any NMC shareholder litigation might not, so how would shareholders get paid compensation?

FT article suggests some shareholders want to delay the administration proceedings, though I am always a little wary of how reliable these unattributed comments may be. They might just be alluding to Belhoul anyway? What could be done to delay them when NMC's own legal counsel sees no basis for opposing the petition, per the RNS today? Here is a link to the article https://www.ft.com/content/61cced42-cbdc-4339-9768-f341eca3ee42 which appears to be behind FT paywall, so I am not going to copy and paste it.

What about promises to distribute 50% of cash as dividends? What types of cash does that refer to- is it loan repayments or only operational cashflows?

Why is the LSE site showing a price of 25p now? It closed at 18.75p on google finance?

And how about Kenya? Could an asset sale there come before the FID expected later this year, or would the FID need to come first?

How long does it usually take for these sorts of rumours to be officially confirmed? Is this completely independent of the Kenya sale, or is there any chance that is also imminent?

#Other creditors. On twitter it seems quite a few other banks in the UAE region have today put out statements disclosing their exposure to NMC. I wonder why they have done this today? It is not clear if they support the ADCB petition. ADCB claims to be working with "other creditors", but does not name any of them? Why not? Why would multiple creditors not make a joint petition?

Is there any chance Coronavirus would change this or delay the 5 day rule for a healthcare company? That is one of Faisal Belhoul's arguments against administration.

Timeline was ADCB applied to High Court for NMC administration Thursday, served notice to NMC Friday, then Belhoul's response asking for informal standstill etc was today, Saturday...is the High Court likely to prioritise ADCB or Belhoul's arguments, or consider both equally? How often does the High Court grant or reject applications for administration? How often does it delay its decision and for how long? Does the Corona crisis change anything or provide a reason for delay?

The statement says Ithmar's 9% shareholding in NMC does not pose a conflict of interest with FB's role as Chairman. Is that because shareholders are likely to be wiped out anyway, or because neither his role as Chairman nor the 9% stake are likely to be pivotal in determining the end game outcomes for various parties?

Its not clear if "stakeholders" includes shareholders. Some definitions on the internet suggest its parties with an interest in a company apart from shareholder value!

Does today's FINABLR news actually change your probability assessment for any or all of the 6 scenarios? Does it warrant adding a 7th scenario of additional complications given the links between the firms, or would that be covered under one of the other 6?

African oil billionaire, Samuel Dossou-Aworet has just acquired 7% of Tullow, according to the RNS. Could he perhaps buy the whole firm too?

The line of Portage stock has landed in my SIPP, but not yet in the ISA. Why I do not know.

East Texas is still potentially low cost, while Alaska is medium cost - some places have much higher break-evens. And don't forget the Alaska crude attracts a premium over West Texas Intermediate (WTI) benchmark so probably is profitable even around the recent lows.

But everywhere, there is always the argument that advances in drilling and fracking technology and techniques, could reduce costs over time. This may help to explain why US production has surged in 2018. Breakeven costs for US shale have been coming down over the years, they were reported to be 60 or more only a few years ago.