NMC Health Plc Share buyback programme (8478J)
22 Agosto 2019 - 1:02AM
UK Regulatory
TIDMNMC
RNS Number : 8478J
NMC Health Plc
22 August 2019
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
Asjad Yahya, Investor Relations +971 (0)56 219 0975
Media
FTI Consulting, London
Brett Pollard / Victoria Foster Mitchell/
Mary Whittow +44 (0)20 3727 1000
FTI Consulting, Gulf
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.
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END
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