22 Aug 2019 07:00
22 August 2019
NMC Health plc
(the "Company" or "NMC")
Share buyback programme
NMC Health plc ("NMC" or the "Company") announces that it intends to immediately initiate the process to seek shareholder approval for a share buyback programme. The buyback authority will require formal approval by shareholders at a General Meeting.
As the leading shareholders in the Company have indicated that they would not be willing to participate in any buyback at the Company's present valuation, the Company will be required to also seek shareholder approval to waive the compulsory purchase provisions as stated in Rule 9 of the Takeover Code.
The Company has a number of very attractive investment opportunities for the short and medium term which it remains committed to deliver. Further, the Company also maintains a strong balance sheet to provide suitable optionality of funding and therefore the share buyback programme will, subject to shareholder approval, only be employed opportunistically to take advantage of exceptional price volatility and will be limited to a maximum of US$200m.
Shareholders will be kept informed of the timetable for the proposed shareholder vote and the publication of the accompanying shareholder circular.
Contacts
NMC |
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Asjad Yahya, Investor Relations | +971 (0)56 219 0975 |
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Media |
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FTI Consulting, London |
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Brett Pollard / Victoria Foster Mitchell/ Mary Whittow | +44 (0)20 3727 1000 |
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FTI Consulting, Gulf |
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Shane Dolan | +971 (0)4 437 2100 |
About NMC Health
NMC is the leading private healthcare operator in the GCC with an international network of healthcare facilities across 19 countries. NMC ranks as one of the top two in-vitro fertilisation ("IVF") operators globally. The Group is recognised as a leading provider of long-term medical care in the UAE through its subsidiary ProVita. Pursing a selective international expansion program since 2016, the company now has total capacity of 3,109 beds across its network with 48% of this capacity in the Kingdom of Saudi Arabia (KSA), where the company has introduced long-term and multi-specialty care services. Moreover, the recent formation of a joint venture with GOSI/Hassana Investment Company provides a solid platform for continued growth in the GCC region's largest healthcare market. NMC treated over 7.5m patients in 2018. The Group is also a leading UAE supplier of products and consumables across several key market segments, with the major contribution coming from healthcare related products. The Group reported revenues of US$2.1 billion for the year ended 31 December 2018.
In April 2012 NMC was listed on the Premium Segment of the London Stock Exchange. NMC is a constituent of the FTSE 100 Index.