NMC.L - NMC Health Plc

LSE - LSE Delayed price. Currency in GBp
1,000.00
+61.60 (+6.56%)
As of 8:15AM GMT. Market open.
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Previous close938.40
Open790.00
Bid0.00 x 0
Ask0.00 x 0
Day's range852.60 - 967.60
52-week range677.01 - 3,059.00
Volume3,029,260
Avg. volume2,593,117
Market cap2.087B
Beta (5Y monthly)0.70
PE ratio (TTM)7.75
EPS (TTM)129.00
Earnings date01 Apr 2020 - 05 Apr 2020
Forward dividend & yield0.18 (1.93%)
Ex-dividend date13 Jun 2019
1y target est54.44
  • NMC Lenders Tally Losses as ADCB Taps Lazard to Recover Funds
    Bloomberg

    NMC Lenders Tally Losses as ADCB Taps Lazard to Recover Funds

    (Bloomberg) -- Collateral damage from the implosion of NMC Health Plc is piling up.UAE Exchange, set up by the founder of the embattled hospital operator, defaulted on a loan of about $300 million, to a group that includes Goldman Sachs Group Inc., JPMorgan Chase & Co., Barclays Plc and Commercial Bank of Dubai PSC, according to people familiar with the matter. At the same time, it emerged that Abu Dhabi Commercial Bank PJSC hired Lazard Ltd. to advise on its more than $1 billion of exposure to the Abu Dhabi-based company.Underscoring the cash crunch, NMC is braving the market mayhem triggered by the coronavirus pandemic to sell its distribution business, people familiar with the matter said. NMC is seeking as much as $300 million for the unit, they said.London-listed NMC, founded by Indian entrepreneur Bavaguthu Raghuram Shetty, has seen its stock plunge before it was suspended from trading amid allegations of fraud. Its chairman and chief financial officer have resigned since the company revealed more than $4 billion of undisclosed debt, and the company has lost its elite status as a member of the FTSE 100 index.With a market value of $2.4 billion and total debt of $6.6 billion, NMC and its founder face an investigation by U.K.’s Financial Conduct Authority.‘Worst Time Ever’“The amounts of billions of dollars at times like these are inexcusable especially if they were used for personal loans instead of being used by the business,” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd. in Abu Dhabi. “What was disclosed about the debt, undeclared debt of NMC by the majority shareholders is really coming at the worst time ever. At a time of this health crisis, a company like NMC and other hospitals should be blossoming and growing in value.”NMC started unraveling in December, when short seller Muddy Waters Capital LLC alleged it had overpaid for assets, inflated cash balances and understated debt. The company uncovered evidence of suspected fraud and debt that had been used for unknown purposes. The shares have been suspended since February.Abu Dhabi Commercial Bank is seeking to recover some of the funds the state-owned lender provided to NMC and financial services firm Finablr Plc, people familiar with the matter said on Wednesday. Representatives for Lazard and ADCB declined to comment.The bank’s potential $1 billion exposure could wipe out 80% of its estimated profit for 2020 in a worst-case scenario, Citigroup Inc. analysts Rahul Bajaj and Ronit Ghose said in a note on Wednesday. Shares extended losses to the fifth consecutive session. They have dropped the maximum allowed 5% in the past four trading days, and are down 44% this year.‘Big Headache’Besides Abu Dhabi Commercial Bank, other lenders include HSBC Holdings Plc, JPMorgan and Standard Chartered Plc, the people said. Some of the lenders are in talks to set up a committee to discuss ways to recover funds from NMC, according to the people. Representatives for the banks declined to comment.“The expected write down on NMC will be a big headache for the commercial banks, which lent to them in large volumes, given that they will be negatively impacted by the fallout from lower oil prices,” said Richard Segal, a senior analyst at Manulife Investment in London. “Anecdotal evidence suggests they are also being pressed to extend new credits to priority sectors to relieve the burden on taxpayers.”Branching OutAfter establishing NMC, Shetty branched out into financial services, with those interests now rolled into London-listed Finablr. Problems there led to its UAE Exchange unit to default on a foreign-exchange loan of about $300 million, according to people with knowledge of the matter. The company, founded in 1980, became one of the largest remittance operators in the Middle East by mainly catering to Indian expatriate workers in the Gulf.The United Arab Emirates central bank last month said it is overseeing the UAE Exchange’s operations as Finablr, also the owner of foreign-exchange businesses including Travelex Holdings Ltd., prepares for potential insolvency. The firm has warned that its board couldn’t accurately assess its financial situation and its chief executive officer and chief financial officer have stepped down.A representative for Finablr referred queries to the U.A.E. central bank, which didn’t immediately respond to emailed queries. Representatives for Goldman Sachs and JPMorgan declined to comment, while representatives for Commercial Bank of Dubai and Shetty didn’t immediately respond to requests for comment.Trading UnitWith cash holdings dwindling, NMC is working with an adviser to gauge buyer interest in its NMC Trading unit, according to the people. NMC Trading distributes products including Nestle SA food and beverages, Pfizer Inc. medicine and Unilever Plc personal-care products across the United Arab Emirates.Deliberations are at an early stage, and there’s no certainty they will result in a transaction, the people said. A representative for NMC declined to comment.(Updates with details from second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Abu Dhabi Bank Taps Lazard to Advise on NMC, Finablr Exposure
    Bloomberg

    Abu Dhabi Bank Taps Lazard to Advise on NMC, Finablr Exposure

    (Bloomberg) -- Abu Dhabi Commercial Bank PJSC hired Lazard Ltd. to advise on its exposure to NMC Health Plc and Finablr Plc, as the companies’ financial troubles mount, people familiar with the matter said.The boutique bank will help recover some of the funds the state-owned lender provided to the struggling hospital operator and financial services firm, one of the people said, asking not to be identified because the matter is private.Abu Dhabi Commercial Bank is currently seen as one of the biggest creditors to NMC with more than $1 billion of exposure, people with knowledge of the matter said on Tuesday. It’s also a lender to payments firm Finablr, which is linked to NMC through its founder and cross-ownership, the people said.Representatives for Lazard and ADCB declined to comment.Abu Dhabi Commercial Bank’s potential $1 billion exposure could wipe out 80% of the lender’s estimated profit for 2020 in a worst-case scenario, Citigroup Inc. analysts Rahul Bajaj and Ronit Ghose said in a note on Wednesday.Shares of Abu Dhabi Commercial Bank extended losses to the fifth consecutive session. They have dropped the maximum allowed 5% in the past four trading days, and are down 44% this year.Debt PileNMC’s known debt pile has more than tripled in recent weeks to $6.6 billion, up from the $2.1 billion reported at the end of June, after it successively uncovered borrowings that hadn’t been disclosed to the board. The company found evidence of suspected fraud and debt that had been used for unknown purposes. The company’s chief financial officer and chairman have resigned.Besides Abu Dhabi Commercial Bank, other lenders to NMC include HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc, people said on Tuesday. Some of the banks are in talks to set up a committee to discuss ways to recover funds from NMC, according to the people.The crisis at NMC, founded by Indian entrepreneur Bavaguthu Raghuram Shetty, has shaken investor confidence in the Middle Eastern business world and raised questions about the oversight of London-listed companies. NMC shares have been suspended since February, and the company was removed from the U.K. benchmark index last month.(Updates with share move in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    NMHLY LOSS NOTICE: ROSEN, A TOP RANKED LAW FIRM, Reminds NMC Health Plc Investors of Important Deadline in Securities Class Action First Filed by the Firm; Encourages Investors with Large Losses to Contact Firm – NMHLY

    Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of NMC Health Plc (OTC: NMHLY) between March 13, 2016 and March 10, 2020, inclusive (the "Class Period"), of the important May 11, 2020 lead plaintiff deadline in the securities class action commenced by the firm. The lawsuit seeks to recover damages for NMC investors under the federal securities laws.

  • Bloomberg

    Abu Dhabi Commercial Bank Faces Over $1 Billion NMC Exposure

    (Bloomberg) -- Abu Dhabi Commercial Bank PJSC has more than $1 billion of exposure to troubled hospital operator NMC Health Plc, potentially putting one of the Middle East’s biggest financial institutions on the hook for losses on the debt, people familiar with the matter said.The state-owned lender is currently seen as one of the biggest creditors to NMC, according to the people, who asked not to be identified because the information is private. HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc also have large outstanding loans to the Abu Dhabi-based company, the people said.Some of the lenders are in talks to set up a committee to discuss ways to recover funds from NMC, according to the people. The company’s known debt pile has more than tripled in recent weeks to $6.6 billion, up from the $2.1 billion reported at the end of June, after it successively uncovered borrowings that hadn’t been disclosed to the board.Shares of Abu Dhabi Commercial Bank fell 4.9% at 1:24 p.m. Tuesday local time, giving the lender a market value of about $8.8 billion. The benchmark ADX General Index fell 0.3%.Chairman ChangeNMC said this month it found evidence of suspected fraud and debt that had been used for unknown purposes. The company’s chief financial officer and chairman have resigned.The situation is fluid, and the full extent of NMC’s debt load may not be known yet, the people said. Representatives for NMC and the banks declined to comment.Abu Dhabi Commercial Bank announced this month that Chairman Eissa Al Suwaidi, who oversaw last year’s three-way merger with Union National Bank and Al Hilal Bank, would step down from the board. He was replaced by Khaldoon Al Mubarak, the group chief executive officer of Abu Dhabi sovereign wealth fund Mubadala Investment Co.The crisis at NMC, founded by Indian entrepreneur Bavaguthu Raghuram Shetty, has shaken investor confidence in the Middle Eastern business world and raised questions about the oversight of London-listed companies. NMC was once the darling of the stock markets after it became one of the few businesses from the region to enter the elite FTSE 100 index.NMC shares have been suspended since February, and the company was removed from the U.K. benchmark index this month.(Updates with share movement in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • NMC Founder Loved Challenges. They Ate His Company
    Bloomberg

    NMC Founder Loved Challenges. They Ate His Company

    (Bloomberg) -- When discussing his business philosophy, Indian entrepreneur Bavaguthu Raghuram Shetty likes to stress the importance of embracing challenges — even those you fail to overcome. “Without mistakes you can’t learn,” the founder of hospital operator NMC Health Plc said in a YouTube video in January. “If I don’t have one problem in the office, it’s not a good day for me.”By that measure, Shetty has been having a string of really good days lately. Since U.S. short seller Muddy Waters Capital LLC in December alleged fraud at NMC, the company has lost two-thirds of its value. Yesterday, shares of NMC, the largest private health-care company in the United Arab Emirates, were suspended and the company announced it was under investigation by the U.K. markets regulator.In the last two weeks, five of 11 board members have either been fired or resigned amid a drip-drip-drip of financial improprieties. Shetty himself was out on Feb. 17 after the company said he may have misreported the size of his stake, calling into question who really holds control. Next month, when the FTSE 100 carries out its quarterly recalibration, NMC is almost certain to be dropped from the benchmark index of the biggest companies listed in London.NMC’s problems began in November 2018 when Jefferies Group LLC downgraded its recommendation on the shares to underperform because of concerns on corporate governance. After more critical comments from Jefferies, short sellers piled in. Then on Dec. 17, Muddy Waters published a report alleging the company had overpaid for assets and understated debt. Shares of NMC fell 32% that day, wiping out 1.8 billion pounds ($2.4 billion) in market value. “We just dug in and kept finding issues,” said Muddy Waters founder Carson Block.NMC said the allegations were baseless, but in January the board hired former FBI Director Louis Freeh to investigate. On Thursday, the company released what it called an update from Freeh, revealing supply chain financing arrangements with affiliated companies that the board said it was unaware of. A consortium of investors that included private equity firm KKR & Co. expressed interest in buying the company, then KKR said Feb. 11 it had abandoned the idea.Representatives for Shetty and NMC declined to comment.Gap in the MarketShetty, 77, is among the best-known foreign entrepreneurs in the Middle East. He moved to Abu Dhabi from India in 1973 and two years later founded NMC — the name stands for New Medical Center — as a small clinic and pharmacy. Seeing a gap in the market for private health care, the business quickly expanded and started distributing medicines to other pharmacies. NMC soon shifted again and began opening hospitals, and today it says it runs more than 200 health-care facilities in 17 countries and treats more than 8 million patients a year.In the wake of the global financial crisis, Shetty entered into a partnership with Khaleefa Bin Butti and Saeed Bin Butti, who have links to Abu Dhabi’s ruling clan. In 2011, the pair paid $1 billion for 40% of NMC. The next year, Khaleefa Bin Butti led NMC’s London offering, the first Abu Dhabi company to list its stock in the U.K. capital. The shares jumped almost 20-fold in the next few years, with market capitalization peaking above $10 billion in August 2018. Until recently, the Bin Buttis and Shetty said they held a controlling interest in NMC. The exact size of their stake is now in doubt.The company’s difficulties come at an inopportune moment for the United Arab Emirates, which has seen bad press about its finance industry tarnish efforts to establish itself as a serious hub for global business.Bankers says NMC’s woes will make it harder for other Gulf companies seeking an overseas listing as a way of sidestepping the region’s weak markets. And NMC is another black eye for the London Stock Exchange, which has seen its reputation suffer as a string of foreign companies have come under scrutiny in recent years.Governance Breaches“The NMC situation is unfortunately not unique in terms of the type of the governance breaches it has revealed,” said Alissa Amico, managing director of Govern, which studies emerging markets. “Unclear share ownership has been of concern to regulators in a number of recent high-profile incidents in the region.”Shetty’s challenges don’t end with NMC. As the hospital chain prospered and his reputation grew, he put his money — and his name — into a slew of other ventures. Over the years he invested in financial services, and in 2014 bought foreign-exchange trader Travelex Ltd. — though Mirabaud Securities reckons he overpaid by about 20%. In 2018, Shetty put a half-dozen such companies into a holding firm, Finablr Plc, which listed in London last May. On Thursday, Finablr shares fell 18%.While Shetty faces the prospect of lawsuits from disgruntled shareholders, long-time associates say it’s unlikely he intentionally misled investors. Instead, at least four people familiar with him have said, even though virtually all of his experience is in the Middle East, he lacks the kind of financial savvy needed to thrive in the region’s business environment.As Shetty grapples with the fallout from the debacle, he’ll have to decide his next steps carefully or he risks losing control of the company he built from the ground up over the past half-century. As he says on his website: “Decide now and pay once; put things off and pay over and over.”(Corrects to remove reference in eighth paragraph to the Bin Buttis as brothers)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    Shareholder Alert: Robbins LLP Reminds Investors NMC Health Plc (NMHLY) Sued for Misleading Shareholders

    Shareholder rights law firm Robbins LLP reminds investors that a purchaser of NMC Health Plc (OTC: NMHLY) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between March 13, 2016 and March 10, 2020. NMC provides healthcare services in the United Arab Emirates, the United Kingdom, Spain, and internationally.

  • NMC Health chairman steps down amid 'difficult period'
    Reuters

    NMC Health chairman steps down amid 'difficult period'

    "The Board has decided that the appointment of an executive chairman based in the UAE is appropriate given the challenging period the company is facing at the current time as it reviews previous financial irregularities; discusses its debt position with its lenders," the company said. Belhoul is a founder and chairman of Ithmar Capital Partners, which owns a 9% stake in NMC. The news comes only a couple of days after NMC revised its debt position, which now stands at $6.6 billion (5.4 billion pounds), much higher than it earlier estimated.

  • NMC says debt up at $6.6 billion; names chief restructuring officer
    Reuters

    NMC says debt up at $6.6 billion; names chief restructuring officer

    The company, which has been in crisis since U.S. firm Muddy Waters' short attack, revised its debt position from $5 billion earlier in March, and named Matthew J. Wilde as chief restructuring officer. "We are certain that his expertise and experience will bring significant benefit to the Group as NMC develops a plan to address the Group's financial indebtedness," NMC said. Wilde has been involved in many major restructurings in the Middle East region in recent years including DubaiWorld, DryDocks World, Carillion, Al Jaber Group and OW Bunker, NMC said.

  • Business Wire

    NMHLY INVESTOR ALERT: Bronstein, Gewirtz & Grossman, LLC Notifies NMC Health Plc Investors of Class Action and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

    Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against NMC Health Plc ("NMC" or the Company") (OTCMKT: NMHLY) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired NMC securities between March 13, 2016 and March 10, 2020, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/nmhly.

  • Thousands of jobs at risk as Travelex-owner on brink of collapse
    Yahoo Finance UK

    Thousands of jobs at risk as Travelex-owner on brink of collapse

    Finablr has appointed accountants as it plans for potential insolvency.

  • Business Wire

    Shareholder Alert: Robbins LLP Announces NMC Health Plc (NMHLY) Sued for Misleading Shareholders

    Shareholder rights law firm Robbins LLP announces that a purchaser of NMC Health Plc (OTC: NMHLY) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between March 13, 2016 and March 10, 2020. NMC provides healthcare services in the United Arab Emirates, the United Kingdom, Spain, and internationally.

  • Bloomberg

    Finablr Warns of Risks to Its Survival as CEO Steps Down

    (Bloomberg) -- Finablr Plc, the owner of currency-exchange businesses including Travelex Holdings Ltd., warned it may not be able to continue operating and said Chief Executive Officer Promoth Manghat will step down.The company, caught up in the widening scandal at a related business, hospital operator NMC Health Plc, said it’s investigating about $100 million in checks dating from before its May initial public offering that were used to benefit third parties. Because of this, Finablr is unable to accurately assess its financial position, the U.K.-listed company said in a statement on Monday.“The board is looking to put in place a package of urgent measures aimed at restoring confidence and stability across its stakeholders,” the company said.Those steps include beginning a search for a new CEO, setting up a committee of independent directors to review Finablr’s liquidity position and hiring compliance consultancy Kroll to review its finances. Finablr will also add to its team and plans to appoint an independent adviser. Its shares were suspended, and Finablr said that for now, it can’t provide some payment-processing services.Last week, Finablr warned that it was taking urgent steps to address liquidity after fallout from the financial scandal at NMC and travel restrictions around the world because of the coronavirus.Finablr’s stock has plunged about 94% this year because of its ties to NMC. Both companies were founded by Bavaguthu Raghuram Shetty. The hospital company said last week that a probe of financial irregularities revealed potentially fraudulent activity. NMC previously said it had uncovered $2.7 billion of debt hidden from its board that was used for unknown purposes.Finablr said its board had been informed that there aren’t any undisclosed related-party transactions or unrecorded off-balance-sheet financing arrangements, though it was planning to commission an independent investigation into the company’s financial arrangements.\--With assistance from Suzi Ring.To contact the reporter on this story: Amy Thomson in London at athomson6@bloomberg.netTo contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Paul Sillitoe, Nate LanxonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    NMC INVESTOR DEADLINE: Bernstein Liebhard Announces That a Securities Class Action Lawsuit Has Been Filed Against NMC Health PLC

    Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of NMC Health PLC ("NMC Health" or the "Company") (OTC Pink:NMHLY) between March 13, 2016 and March 10, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.

  • Business Wire

    ROSEN, A GLOBALLY RECOGNIZED FIRM, Reminds NMC Health Plc Investors of Important Deadline in Securities Class Action First Filed by the Firm – NMHLY

    Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of NMC Health Plc (OTC: NMHLY) between March 13, 2016 and March 10, 2020, inclusive (the "Class Period") of the important May 11, 2020 lead plaintiff deadline in the securities class action commenced by the firm. The lawsuit seeks to recover damages for NMC investors under the federal securities laws.

  • Business Wire

    NMHLY SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Alerts NMC Health Plc Investors of Class Action and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

    Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against NMC Health Plc ("NMC" or the Company") (OTCMKT: NMHLY) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired NMC securities between March 13, 2016 and March 10, 2020, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/nmhly.

  • Finablr Taking Urgent Liquidity Steps as NMC Fallout Spreads
    Bloomberg

    Finablr Taking Urgent Liquidity Steps as NMC Fallout Spreads

    (Bloomberg) -- Finablr Plc, the owner of currency-exchange businesses including Travelex Holdings Ltd., said it’s taking urgent steps to assess its liquidity position and will appoint an independent financial adviser to weigh options.Finablr’s shares dropped 80% in London trading on Thursday, taking the decline to 97% since the firm’s May initial public offering. The company now has a market capitalization of 31.5 million pounds ($39.7 million), down from a peak of 1.5 billion pounds in December.The company has been hurt by a “liquidity squeeze at both group and operational business level,” as well as the fallout from NMC Health Plc, coronavirus-related travel restrictions and a downgrade of Travelex’s bonds, Finablr said in a statement on Thursday.“The company is urgently seeking to complete its assessment of its liquidity and cash flow position and negotiate the steps that are necessary to address its short- and longer-term financing needs,” it said.Finablr also plans to commission an independent investigation into the company’s financial arrangements, though the board “has been reassured” that there aren’t any undisclosed related-party transactions or unrecorded off-balance-sheet financing arrangements.The company’s stock has been battered because of its ties to troubled hospital operator NMC, which has the same founder, Bavaguthu Raghuram Shetty. NMC has been subject to allegations of accounting and governance shortcomings by short seller Muddy Waters Capital LLC.NMC’s troubles deepened on Thursday when it said a probe of financial irregularities revealed potentially fraudulent activity. The hospital owner earlier this week said it uncovered $2.7 billion of debt hidden from its board that was used for unknown purposes.Related: NMC Founder Shetty Loved Challenges, Until They Ate His CompanyFinablr has been exploring strategic options including whether to introduce a new investor or pursue a take-private transaction, people familiar with the matter said last week.(Updates with share reaction, background from first paragraph)To contact the reporter on this story: Amy Thomson in London at athomson6@bloomberg.netTo contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Nate Lanxon, Ben ScentFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    ROSEN, NATIONAL TRIAL COUNSEL, Files First Securities Class Action Lawsuit Against NMC Health Plc

    Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of NMC Health Plc (OTC:NMHLY) between March 13, 2016 and March 10, 2020, inclusive (the "Class Period"). The lawsuit seeks to recover damages for NMC investors under the federal securities laws.

  • 2 stocks I’d avoid while the FTSE 100 is crashing below 5,500
    Fool.co.uk

    2 stocks I’d avoid while the FTSE 100 is crashing below 5,500

    The FTSE 100 crash is throwing up lots of cheap shares to buy, but we still need to be selective. I'm steering clear of these two.The post 2 stocks I'd avoid while the FTSE 100 is crashing below 5,500 appeared first on The Motley Fool UK.

  • NMC Health Says Review Turns Up Evidence of Suspected Fraud
    Bloomberg

    NMC Health Says Review Turns Up Evidence of Suspected Fraud

    (Bloomberg) -- NMC Health Plc said a probe of financial irregularities discovered evidence of suspected fraud after the hospital operator disclosed a hidden $2.7 billion debt pile.The company earlier this week said the debt facilities had been used for unknown purposes and had not been disclosed to the board, pushing the largest private health-care company in the United Arab Emirates into a full-blown accounting scandal.In January, NMC put former U.S. Federal Bureau of Investigation Director Louis Freeh in charge of a review, which reported the evidence of fraud on Thursday. The revelation comes after Freeh told the company last month he’d turned up details of supply-chain financing arrangements with affiliated companies that the board said it was unaware of.“NMC is fully committed to investigating these activities and has notified the relevant authorities in the U.K. and U.A.E. to determine what action they also consider to be appropriate,” the company said in a statement.NMC Founder Shetty Loved Challenges, Until They Ate His CompanyA representative for the U.K.’s Financial Conduct Authority, which said last month that it had opened an investigation, declined to comment. A representative for the Serious Fraud Office wouldn’t confirm or deny whether it was investigating. NMC has been in freefall since December, when short seller Muddy Waters Capital LLC alleged it had overpaid for assets, inflated cash balances and understated debt. The shares, listed in London, have been suspended since February and the company fell out of the FTSE 100 this month.Debt PileThe unknown debt more than doubles NMC’s borrowings to around $5 billion, up from the $2.1 billion that was disclosed in June. The disclosures have raised questions over the company’s future ownership.As NMC teeters, “fingers will be pointed at its auditors, high-profile management and ultimate owners,” said Hasnain Malik, head of equity strategy at Tellimer. “While the assets are real and the operating business have recurring cash flows, the valuation exercise by potential buyers is impeded by an unclear idea” of the extent of the liabilities.NMC’s woes are just one of several crises for the hospital chain’s founder, Bavaguthu Raghuram Shetty, who resigned from his role as co-chairman on Feb. 17. Finablr Plc, the owner of currency-exchange businesses including Travelex Holdings Ltd. and another of Shetty’s businesses, said Thursday it’s taking urgent steps to assess its liquidity position and will appoint an independent financial adviser.Finablr’s stock has been battered because of its ties to NMC, and the company has been exploring strategic options, including whether to introduce a new investor or pursue a take-private transaction, people familiar with the matter have said.(Updates with SFO comment in fifth paragraph)\--With assistance from Franz Wild, Amy Thomson and Archana Narayanan.To contact the reporter on this story: Suzi Ring in London at sring5@bloomberg.netTo contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, Thomas MulierFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Travelex-owner Finablr halves in value after coronavirus liquidity warning
    Yahoo Finance UK

    Travelex-owner Finablr halves in value after coronavirus liquidity warning

    Shares in Finablr plunged by more than 60% after the Travelex owner warned of a coronavirus-related 'liquidity squeeze'.

  • Business Wire

    Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against NMC Health Plc (NMHLY)

    Investors Interested in Securities Class Action Against NMC Health Plc Encouraged to Contact Scott+Scott

  • Business Wire

    NMC HEALTH ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against NMC Health PLC and Encourages Investors to Contact the Firm

    Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased NMC Health PLC (Other OTC: NMHLY) securities between March 13, 2016 and March 10, 2020 (the "Class Period"). Investors have until May 11, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

  • Business Wire

    Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of NMC Health Plc (NMHLY) on Behalf of Investors

    Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of NMC Health Plc (NMHLY) on Behalf of Investors

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