The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
More and more hedge funds buying bonds. Whilst GKSD offloading them.
Vultures circling.
TQ. I see the rational behind what you posted. The focus is now on Mubadala as GKSD are out of bid race with 2.8m bond sale.
Interestingly:
JPM bought 200k bonds on behalf of NMC
MS bought 600k bonds on behalf of GKI (advisers of GKSD) for whatever reason
But more importantly:
GS sold 2.8m bonds on behalf of GKSD
Whilst I'm losing track of who holds what; one thing is clear that GKSD bid is off. Perhaps their partnership offer to Mubadala was rejected.
Dropped 7.5% today. Sell price now 10.55 on quote.
Appears to be heading under 10. I'm disappointed.
Great analysis, thanks.
I still take comfort in involving Ithmar as IMA to restore NMC reputation. Clear intent to resume trading in LSE.
Still confuses me how NMC transferred 9% of shares from Shetty et al to Ithmar?
Cheers Aut
So many questions.
But I'm still surprised yesterday we assumed 29% holding and today them three hold 13.61% and massive sell down on 26th Feb.
True, margin call. All these trades took place between 20th Feb and 26th Feb.
Interestingly, 240k shares each (held by Qebaisi and Muhairi) were sold on 26th Feb (day before suspension). I don't believe any relation to Mubadala in this.
More major shareholder changes.
Bavaguthu Raghuram Shetty 5.24%
Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi 5.23%
Khaleefa Butti Omair Yousif Ahmed Al Muhairi 3.14%
Total 13.61%
Not sure how they've reduced.
Norges reduced to 2.93%
Not good. Surprised they've managed to find a buyer.
Thanks for clarification.
er.. I thought Shetty owned 9.81%, but latest RNS suggests 5.24%? So the 3 major holders now hold circa 25%!
Furthermore, MS and Samarra have increased holdings.
Anyone?
dogger and deos are both fake investors. You'll see them crying on every decimated stock board.
Agree. Not expecting bid from GKSD by 9th Mar. If the market was open, it would have significantly dropped.
Fully expecting Mubadala's investment similar to Tabreed case (bonds + cash injection). If they can save their cooling company, I strongly believe leading healthcare provider will not be left behind.
Mishal Kanoo offers to join NMC board to help struggling healthcare provider
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.
NMC was founded in the 1970s in Abu Dhabi by Indian billionaire Bavaguthu Raghuram Shetty, becoming the first company in the capital to list in London with a peaked market cap at over $10 billion. But trouble at the healthcare provider began in December last year when short-seller Muddy Waters released a report alleging financial irregularities in the company, which it strongly denied, commissioning an independent review in January led by former FBI Director Louis Freeh.
However interim findings last week found more financial liabilities and led the company to fire its CEO Prasanth Manghat, and on Thursday it said its shares on the London bourse had been suspended, with their worth having dropped to just $2.5 billion.
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.
Thanks. I'm in. Part of the family.
Guys, looking to get in. Honest opinions please; is 12.50 good price to get in?
adzy, don't mean the results time frame but the bid time frame.
Apparently the bid will not gain pace till the results are out. But then I don't understand the previous 9th Mar deadline.
Yes it's reflection of yesterday bond transactions. Good sentiment.