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"But any deal may have to wait until an internal investigation that NMC launched recently is complete. Now, that may take longer than was initially expected, so much so, many don’t expect the 2019 results to be announced even by April 30… which is the last allowed day for it to come."
Ugh.
I agree, some regurgitated crap. 50 posts a day from likes of deos hoping for £15 etc
But few quality posts from the likes of SPAC who mentioned Tabreed; similar possible scenario to NMC.
That would be a loss. Adzy provided good insight on RNSs.
We're now left with deos crying over investments he never made. Zero value.
Embattled hospital operator NMC Health PLC late Monday said it has been notified of several transactions regarding shares held by its former chair and his BRS Capital investment vehicle.
The UAE-focused hospital operator continues to seek clarity from major investors, including co-founder and former joint chair Bavaguthu Raghuram Shetty, in respect to their holdings in the company.
Earlier in February, NMC said it would "urgently seek clarity" about its former chair's "shareholding arrangements" after it received notice his investment company sold GBP111.8 million worth of shares across a series of transactions.
Bavaguthu Raghuram Shetty, founder of the firm, resigned as non-executive chair last month. He had been banned from attending board meetings for inaccurately reporting shareholdings in the company.
In January, NMC asked Freeh Group International Solutions LLC, founded by former US federal judge and FBI director Louis Freeh, and law firm Glaser Weil LLP to provide a independent report addressing allegations raised by short-selling firm Muddy Waters Capital LLC.
The Abu Dhabi-based hospital operator said advisers of now-resigned vice chair Khalifa Butti Omeir Bin Yousef and another investor Saeed Butti Al Qebaisi provided information of their shareholdings in NMC, which NMC said has still not been independently "verified or confirmed to the company by Shetty."
"This information has not as yet been independently verified: Shetty and his advisers are urgently investigating the details and legal basis of this transaction as part of the ongoing legal review," NMC added.
On Monday, NMC clarified details of several transactions made by Shetty, that the company said required regulatory disclosure.
As per information received by the company from advisers of Bin Yousef and Al Qebaisi, around 20.4 million shares were held by Shetty's entity BRS International Holding Ltd on behalf of the two investors pursuant to a memorandum of understanding.
Shetty, under a complex deal of pledging shares against bank loans, transferred 13.5 million shares to First Abu Dhabi Bank with 10.9 million shares free of encumbrance or claim, and 2.6 million shares pledged to United Arab Bank.
NMC said previously Shetty has said the place of the First Abu Dhabi Bank transactions was "unknown", but on Monday said it was London. This was confirmed by First Abu Dhabi Bank.
United Arab Bank subsequently sold 1.9 million shares as security enforcement, leaving 613,312 shares unencumbered by Bin Yousef and Al Qebaisi.
Shetty separately transferred 6.5 million shares to Al Salam Bank Bahrain, of which 6.2 million shares were sold by Al Salam as enforcement of security, leaving 324,210 shares unencumbered by Bin Yousef and Al Qebaisi.
Al Salam Bank, NMC confirmed Monday, sold 760,803 shares in a transaction on February 7 and sold another 5.4 million on February 10, for a total of 6.2 million.
NMC was also able to confirm on Monday that a fur
Deos, if you're still holding MTRO bank; Goldman Sachs bought 6.18% stake in MTRO.
The sentiment has changed! great news!
deos/dogger
Hold your nerves and add some value. Or find counselling in your local pub and stay there.
"which they will have probably lost access to given the drop to below 30% ownership"
They haven't lost yet, hence the request to lenders. Generally strong political influences in every major business in GCC. As NMC has Abu Dhabi's support, the lenders will have leniency.
Another pr*ck about unpaid wages. Adding absolutely no value to this board. There have been three major headlines after that RNS. Of course you wouldn't mention them.
Another waste of space filtered.
Adzy, perhaps Ithmas have inside knoweldge on Mubadala's move? They would never compete against each other in UAE, Qatar, Kuwait and Bahrain. In KSA and Oman they would each other.
Definitely an engineered move.
Interesting angle Mrd.
I'm pleased that today's RNS was released due to recent finding of total shares and concern regarding change of control provisions may trigger action by banks.
The takeover prospect seems to be gaining pace. I can imagine GKSD+Mubadala, Clermont+Mubadala or Mubadala on its own. But it appears GKSD don't have appetite to go alone into NMC. Still glimmer of hope.
TotalQuant, thanks for keeping an eye on the news. This is exactly why I am on this board for collective research.
"Having a local partner such as Mubadala or another investor would help the Italian group navigate the complex issues surrounding Abu Dhabi-based NMC, the people said. No final decisions have been made and GKSD may decide against a deal, they said. Separately, Mubadala is also exploring its own potential investment in NMC, people with knowledge of the matter said last week."
Exciting.
Link: https://www.bloombergquint.com/business/italian-investor-is-said-to-seek-partner-to-bid-for-troubled-nmc
Yup royally shafted. But couldn't have foreseen this. I saw the IIs pilling in, I followed the money and facts that existed at that time had good risk reward.
Can only hope for best now.
Rastuss, Shetty was played by Butti. Maybe the intentions were not to completely dump the shares in the market but proportion of it.
Butti will get away with this due to strong links to royal family.
If salaries were not paid by 1st Mar, we would have heard further on this. So no news is good news.
The fear mongers out here will continue to reiterate "shareholders wipeout" for unknown purpose. Perhaps they are sadistic individuals who take pleasure from spreading fear. Time will tell us. But for now I am calm as every bad news is followed by a glimmer of hope.
NMC Health said recent announcements indicated that Khaleefa Butti Omair Al Muhairi and Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi now held less than 30% of the company's shares.
The company said it had a multi-tranche facility agreement relating to an original commitment of $2bn and certain other facilities, which contained change-of control-provisions.
Those provisions were were triggered if principal shareholders ceased to hold together more than 30% of NMC's shares.
In short, had Butti et al held more than 30% shares, the request to the lenders would not have gone out this RNS would not have been released. I take this positive.
Link: https://www.stockmarketwire.com/article/6809370/NMC-Health-requests-standstill-agreement-with-lenders.html
Adzy, your variables are wrong and you sound emotional. Has China ever protected its business that was financially struggling? I haven't heard of any.
Has Abu Dhabi rescued any of local businesses? Quite few and you said yourself that they thrived. And NMC is a bigger reputation for them.
Will Butti et al be prosecuted or not is irrelevant to NMC's survival. The gov wouldn't punish NMC.
Adzy. NMC is Abu Dhabi's first FTSE listing. Their reputation is critical to them to attract future investors. Sentiment is top priority and for that shareholders would need to be protected. The like of Clermont and Norges will never invest in UAE businesses if they lose it all.
Whichever way they will keep this listed, they will. Through dilution or not.
It's no longer about the books for Abu Dhabi government. Their priority is reputation and keep NMC in FTSE 100.
Believe when I say this to you, having spend two decades of my life in GCC, their reputation of being wealthy is very important to them. Abu Dhabi government will salvage this.
Rest is all noise: shareholders will be wiped out. Statistically people have rephrased this outcome since yesterday over 55 times.
--Continue--
Early Discussions
Aside from Mubadala, investors linked to Italian hospital operator Gruppo Ospedaliero San Donato SpA have said they’re studying a possible offer for the company and are working with financial advisers. KKR & Co has said it’s not making an offer for the business after NMC said it received an approach from the buyout firm.
Mubadala has held early discussions to look at a range of options for NMC, including buying a stake and taking a board seat, according to the people. While discussions are ongoing, there can be no guarantee of a transaction given the complex issues facing the company, they said. Representatives for Mubadala and NMC declined to comment.
The sovereign fund is also seeking to expand into health care as part of Abu Dhabi’s efforts to diversify its economy by turning oil revenue into profitable investments. It’s in talks to buy Jadwa Investment Co.’s health-care assets in the United Arab Emirates, people familiar with the matter said last month.
Rami Sidani, the head of Middle East, North Africa portfolio management at Schroder Investment Management, said the likelihood of Mubadala investing in NMC “is high given the company’s footprint and its concentration of assets in Abu Dhabi.”
— With assistance by Mahmoud Habboush
(Updates with NMC hiring Moelis, comments from 9th paragraph.)
Link: https://www.bloomberg.com/news/articles/2020-02-29/abu-dhabi-wealth-fund-said-to-weigh-investment-in-troubled-nmc
Abu Dhabi Turns to $229 Billion Wealth Fund to Rescue NMC
As the crisis surrounding troubled hospital operator NMC Health Plc deepens, Abu Dhabi is turning to Mubadala Investment Co. to safeguard the emirate’s reputation among global investors.
The $229 billion wealth fund is considering a potential investment in the United Arab Emirates’ largest private health-care provider as the FTSE 100 company faces an investigation by the U.K.’s Financial Conduct Authority over allegations of fraud, according to people with knowledge of the matter.
The government is keen to support NMC -- whose shares have been in free-fall since a December report by Muddy Waters Capital LLC -- to prevent further damage to the emirate’s image as a key regional hub for business, some of the people said, asking not to be identified because the talks are private. NMC is also strategic to the region’s nascent health-care industry, they said.
Related: Abu Dhabi’s Go-To Man Builds $229 Billion Fund for Post-Oil Era
Abu Dhabi is using its sovereign funds and state-related entities to support its most strategic companies as they come under pressure. Last month, the emirate outlined plans for a government-owned utility to rescue struggling Abu Dhabi National Energy Co., known as Taqa. The bailout follows a series of mergers that saw some of its largest banks take over weaker lenders.
‘Too Big to Fail’
Regional governments “have taken stakes in a number of family-owned ‘too big to fail’ firms requiring restructuring,” said Alissa Amico, managing director of Govern, which studies emerging markets. “If Mubadala decides to acquire a stake in NMC, this investment won’t be without precedent regionally or globally.”
Mubadala itself is the result of a 2017 merger between its predecessor, Mubadala Development Co., and International Petroleum Investment Co., which had gotten caught up in a series of investigations over whether and how money flowed from the Malaysian government’s scandal-ridden 1MDB development company through fraudulent shell companies to corrupt officials.
For Abu Dhabi, NMC played a key role in expanding the emirate’s underdeveloped medical sector and was the first Abu Dhabi company to list shares in the U.K. capital. The stock jumped almost 20-fold in the following few years, with its market capitalization peaking above $10 billion in August 2018. It’s now worth about $2.5 billion.
Mubadala’s potential interest in NMC comes after Muddy Waters alleged that the company had overpaid for assets, inflated cash balances and understated debt. The company has said the allegations are baseless, but in January hired former FBI Director Louis Freeh to investigate.
NMC hired Moelis & Co. to advise on a debt restructuring, Reuters reported on Sunday, citing people familiar with the matter. Standard Chartered Plc, First Abu Dhabi Bank PJSC and HSBC Holdings Plc are among the banks that provided debt to the company, it said.