NMC Health Plc Update on financial position (3554H)
24 Marzo 2020 - 3:46AM
UK Regulatory
TIDMNMC
RNS Number : 3554H
NMC Health Plc
24 March 2020
FOR IMMEDIATE RELEASE 24 March 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NMC Health plc
("NMC" or the "Company")
Update on Financial Position
NMC announced on 10 March 2020 that the Group's debt position
was materially above the last reported number as of 30 June 2019
and was estimated at that date to be around $5 billion. The Board
of NMC has received another update on 23 March 2020 advising that
the Group's debt position is currently estimated to be around $6.6
billion, including the $360m convertible bond and $400m sukuk. The
Group's bilateral and syndicated debt obligations are comprised of
over 75 debt facilities from over 80 financial institutions. Work
on verifying the outstanding debt obligations is continuing.
On 10 March 2020 the Company estimated that its debts were about
$5bn. Since that time, the Company has verified a further $0.3
billion is currently outstanding which relates to facilities which
were known to the Board as at June 2019; $0.8billion of newly
identified facilities undisclosed as at June 2019 and unapproved by
the Board; and an additional $0.4 billion of facilities entered
into post June 2019 and unidentified as at 10 March 2020.
NMC is continuing to work with its advisers to understand the
exact nature and quantum of the undisclosed facilities, including
the circumstances in which they were obtained. The Board believes
that some of proceeds may have been utilised for non-Group purposes
and work is commencing on a project to trace such proceeds with a
view to considering what actions may be available to the Group to
recover such monies.
Furthermore, the Board has been informed of the presence of
cheques (written by Group companies), which may have been used as
security for financing arrangements for the benefit of third
parties. A preliminary view is that the amount of these cheques
totals approximately $50 million. The existence of these cheques
has only recently been brought to the attention of the Board and
urgent investigations are ongoing.
Appointment of Chief Restructuring Officer
NMC announces the appointment of Matthew J. Wilde as the
Company's Chief Restructuring Officer, effective Sunday 22 March
2020.
Matthew has extensive restructuring experience, first as a
restructuring partner at PwC for 19 years before transitioning to
independent CRO leadership. He led PwC's Corporate Finance &
Restructuring practice in the Middle East region for several years
and prior to that held national leadership roles in PwC's
restructuring practices in Australia and the Benelux as well as
being a business unit leader in the PwC restructuring team in the
UK.
With over 200 career restructuring cases to his name, Matthew
has worked with some the region's largest companies and has been
involved in many of the major restructurings in the Middle East
region in recent years including DubaiWorld, DryDocks World,
Carillion, Al Jaber Group and OW Bunker, amongst others.
Michael Davis, Interim CEO, said "We are delighted that Matthew
has agreed to join the Group at this critical time. As one of the
Middle East regions most seasoned CROs, 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."
Resignation of Chief Financial Officer
NMC announces that following a period of extended leave for ill
health, Prasanth Shenoy has resigned as Chief Financial Officer
with immediate effect. NMC would like to thank Mr Shenoy for his
service to the Company.
In the short term, the Company has appointed a Director of
Finance from internal resources and PwC will continue to support
the finance function. The Company will progress the appointment of
a new Chief Financial Officer in due course.
Focus on Operations and COVID-19
NMC's operational leadership has taken steps since January to
ensure the safety of the Group's workforce during the current
COVID-19 crisis and to meet the health and safety needs of the
community, especially throughout the extensive network of long-term
care facilities, multi-specialty hospitals and clinics across the
GCC.
NMC continues to be fully focused on safeguarding its
operational liquidity to continue funding existing operations
throughout its various subsidiaries and to protect its employees
and patients during this global health crisis.
Enquiries:
NMC Health plc
Simon Watkins, Group Company Secretary +44 (0) 203 205 7313
Asjad Yahya, Head of Investor Relations +971 (0) 56 219 0975
FTI Consulting
Edward Bridges / Simon Conway / Victoria Foster Mitchell +44 (0)20 3727 1000
Shane Dolan +971 (0)4 437 2100
About NMC Health
NMC is one of the leading private healthcare operators in the
Gulf Cooperation Council ("GCC") with an international network of
multi-specialty inpatient and outpatient clinics and hospitals,
specialized maternity and fertility clinics, and long-term care
homes hospitals across nineteen countries. NMC also ranks as one of
the top two in-vitro fertilisation operators globally. The NMC
Health group is recognised as a leading provider of long-term
medical care in the UAE through its subsidiary ProVita. Pursing a
selective international expansion programme since 2016, NMC has
total capacity of 2,207 licensed beds across its network. 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. The NMC Health group
treated over 7.5 million patients in 2018. The NMC Health group is
also a leading UAE supplier of products and consumables coming from
healthcare related products. NMC 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.
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END
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