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Danny - its def bad news. Shorts could not pull it down this much in one day unless they know something in advance of release . This is a sure bet for them. An update is coming imminently Peru ably on cash postion which form the looks of it will not be close to what NMC hav e been saying. As is said, if this company was clean as everyone thought, you would get this info out ASAP to appease mkt. The delay just on this measure alone has meant all is not well...

Thanks Tinatots - my thinking is along same lines.

Just have to hope they don’t have ‘correct’ anything else regarding the financials with this company. I mean this was regulated news that they had to correct...Come on now NMC

Also this example could now be an easy target for MW to pick up on and mock if they choose to undermine NMc mgmt with regard to Due Diligence and ultimately trust around whether the financials reported have the same lack of due diligence as the RNS releases on share holdings

Hopefully, this doesn’t happen, but NMC and Freeh better be on their toes with that report and not allow for any more schoolboy errors such as this to be made . They should a have response ready for this if questions are asked why theyput out holding details on original RNS so different to what has subsequently released today.

This could get interesting...

Checked 2 RNS on 13 Jan @ 11:30 which was an update of their Holding in Company following bookbuild and def looks like the Rns today are re-adjustments of those holdings.

On Jan 13 RNS release states that on Jan 10

Al Quebaisi reduced holding from 17.45% to 4.72%
Al Muhairi - reduced from 14.71% to 12.48%

In today’s updated RNS for change in holding from same Jan 10 transaction these have now been adjusted and corrected. Now it states
Al Quebaisi reduced holding from 21.11% to 8.38%
Al Muhairi - reduced from 18.37 to 16.14%

So roughly there has been an adjustment of around 3.5-4% in the holdings for both of these
That’s quite a big error to be out by originally.

Doesn’t say much about the companies attention to detail and governance that it doesnt even know for sure what its biggest owners hold in shares...Freeh should hopefully help them sort this out and keep their noses clean

The worst thing for me here though, is that with company now gone into complete radio silence during review period , any Rns that come out with no context, commentary or clarity from the company will fuel even more uncertainty to the market of what is actually going on behind closed doors. It’s almost like a siege mentality right now

Oom1993: Dk . Would need to compare rns of bookbuilds to see if any thing is different or changed, but why else put another set of RNS related to previous bookbuilds so late,after the event, when they were already had released them.

Either they missed some detail or corrected something on bookbuild You wouldn’t simply repeat a previous Rns statement would you?

How many skock do you know in FTSE where broker rating and target prices is so polarized like this. Barclays is over 3 times higher than Jefferies - absolutely Barmy imo.

How does a PI new to NMC in 2020 supposed to read this and make a educated decision...

Q To keep things balanced:

8: Jefferies target = £13

Even if these latest RNS are related to the book build in early Jan, this is still weird.

We already had Rns on trnactionsation and holding changed post these bookbuilds. If these are corrections, or oversights and and required for retrospective completeness for audit purposes then this just puts a question mark on their governance as this was not right first time in their Rns.

It wouldn’t surprise me if this was some of the early internal findings and call out by Freeh to put right to meet governance and NMC have put it right..

Danny - Yeah same. Was heavily weighted on nmc. Been in it since early 2019, averaging it down and also got LSE and Aveva at same time in my SIPP. Got lucky with these other 2 plus the dont have Big shorts on them either which at the time was more luck than judgement. On ly realized NmC had big shorts in June . Should have respected more the signs back then where this stock was heading. Anyway, big learning curve. Let’s see if I can get my SIPP back on a 10% yoy growth target....

Correction: we will soon see whether this mode is too god to be true...or whether the was just jealous and wanted some of more h action, or a bit of both

I don’t if it’s just me, but with all that has happened, I get the sense that the major owners were just too blazey and over confident ( bordering arrogant and ****y )in the way they though they could own a huge chunk of this company and expand company with constant aquisitions so quickly and place debt against pledging of shares as collateral in the belief that the shares would go up exponentially.
We will soon see whether this was Odell too good to be true....or whether the market was just jealous and wanted some of the action, or a bit of both

Indeed

Also - what with the the Rns @13:07. This is major holding notification for a transaction conducted on 10/1!!! WTH?

This surely should have been surely notified way earlier.Again question mark against governance. Wonder if one of Freehs boys have spotted this oversight whole doing their audit and advised Nmc to do a proper noticpfication to market.

Even the the other RNs today on changes of major share holders look strange in thier timing . Especially during the period of inodender investigation. Leading all the skeletons out of closet maybe...?
This is becoming more and more like a soap opera...

Danny- you and I same boat re switching to HL. Shorters got into today based on slightly cautious mesaage on slowing new business and all the brexit uncertainty in Q4. Even then profit stillup 12% yoy. Huge buys today @1750, so see this as a manipulated dip today. Should see it rebound next week. As for NMC, I comparison, too much understand what this sp is doing on a weekly basis. Right now, my guess , next week will be same as this week if no news come out with shorters holding this sp as low as it can , so expect big fluctuations. Not for the faint hearted as this changes direction so quickly even intra day and with no warning. You need to be watching this sp like hawk every 10-15 mins to day trade it. Too intense for me to ride it right now with no news

AQR reduced again on Wed 29/1. Which is what we suspected with close market trades. Now down to 1.67%

Looks like AQR and Psquared are now accelerating their exit strategy before news comes out.

Checking back at the RNS made on 17 Jan announcing apptmt of Freeh Group here are the key snippets I took away

Quote
The Committee chose Freeh Group to provide a completely independent, unbiased, comprehensive and transparent report that will address all of these allegations," said Jonathan Bomford, Chairman of the Independent Review Committee.

As previously announced, the Committee is undertaking an independent review of all allegations, focusing initially on confirmation of the Group's cash balances as at 15 December 2019. The Committee intends to publish findings of the review into all primary allegations made, particularly all those of a financial nature, in advance of the release of the Company's 2019 financial results.

The last paragraph suggests to that this investigation and review will be comprehensive, with results being published released in tranches. Primary allegation around financials including clarifying cash and debt positions will be released first in a clear, difestabke format that should not be an encyclopedia This is what I expect they will be aiming to release first and as an absolute min before March. This will be properly vetted and word-smithed by Freeh and Nmc before being signed off for release to make sure wording is watertight and immune as much as possible to further challenge and questions from the market.
The rest of investigation will continue to focus on al, other governance related aspects including business structure etc throughout the rest of Q1 and maybe into Q2 before a final doc is produced. This is likely to far more extensive and detailed and might be well in excess of 100 pages to bore readers like us to death with detailand justify their massive charges, but to designed to protect themselves and Nmc of any further challenge down the line.

This will then hopefully put this whole saga to bed and no-one will ask any more questions of NMC for a very long time and shorts will no longer bother it.

That will be the ideal outcome and then the sp can take care of itself...

Got 30% holding still...and that is still big - trust me.

Even that is still a huge intraday swing on new news.

11.50 is too extreme unless FTSe is down tomorrow by a few %. But 11.90s could be briefly touched in the AM