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Mark Warne was previously head of healthcare at IP Group, which now has a market cap of over 500 million, and had a market cap of over 1 billion when he was there.He also has quite a few directorships of bioscience type companies. https://www.linkedin.com/in/mark-warne-6854b31/?originalSubdomain=uk
What day are results due?
The short idea seems unlikely. Shorts of at least 0.5% need to be disclosed, whether in cash shares or CFDs. I don't think spread bets are a loophole. I see nothing here https://www.shortdata.co.uk/company.php?isin=GB00B29YYY86
Company confirmed the below to me: We announced on 11 March that we had commenced a formal process to sell First Student and First Transit and the process to sell Greyhound is ongoing. We believe that a sale of our North American businesses is the best way to unlock material value for all FirstGroup shareholders, and we remain committed to executing this strategy at the earliest appropriate opportunity.
11 March announcement is here: https://otp.tools.investis.com/clients/uk/first_group/rns/regulatory-story.aspx?cid=858&newsid=1377972
Thanks
Stuart
Trade flags were LRGS - Large in Scale Deferral, and the trades were "off book"
408,000 shares traded according to this London Stock Exchange data, of which about 40,000 were in the last 10 minutes. Relative to market cap, its less than half a percent of the company changing hands today
https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB00BKY40Q38GBGBXSSMM.html
https://www.investegate.co.uk/nmc-health-plc--nmc-/rns/holding-s--in-company/202004221015014924K/ Wonder why this and the Clermont one do not disclose the price of the transaction?
https://www.investegate.co.uk/nmc-health-plc--nmc-/rns/holding-s--in-company/202004210700043148K/ The New Zealand billionaire Richard Chandler. I wonder if they sold some ADRs, or did some kind of off market trade.
Website contains this rather vague letter to shareholders which gives no firm date on relisting:
http://www.siriuspetroleum.com/media-news/letter-to-shareholders-covid-19-update. It claims "We have continued to progress with selected commercial agreements, despite the prevailing market conditions. We will update shareholders further as soon as we are able to do so".
Possible problem with re-listing and debt for equity swap idea is: Shetty still owns 5%, so why would they want to give any to him? Or could they find a way to confiscate shareholdings from him (and any others found to have been "bad actors") while still giving some value to the other shareholders?
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.