NMC Health Plc Update regarding independent review (9023F)
12 Marzo 2020 - 2:31AM
UK Regulatory
TIDMNMC
RNS Number : 9023F
NMC Health Plc
12 March 2020
FOR IMMEDIATE RELEASE 12 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")
Update regarding independent review
NMC announced on 17 January 2020 that the Independent Review
Committee of the Board of NMC (the "Committee") had retained the
law firm Glaser Weil LLP which then engaged Mr Louis Freeh, former
Federal Judge and FBI Director, and his firm Freeh Group
International Solutions, LLC (together the "Review Advisers"), in
each case to advise and assist the Committee in relation to its
review into allegations raised in recent reports by short seller
Muddy Waters and certain other third parties.
The Review Advisers have informed the Committee that they have
discovered evidence leading to suspected fraudulent behaviour in
relation to some elements of NMC's previous financial activities.
NMC is fully committed to investigating these activities and has
notified the relevant authorities in the UK and UAE to determine
what action they also consider to be appropriate.
Moelis, PwC and Allen & Overy continue to support the
Company, including in its discussions with lenders and to assist in
providing transparency with respect to its financial position.
Whilst these various investigations are ongoing, NMC remains
fully focused on the provision of its healthcare services in all
communities in which it operates, and on its business performance,
as well as safeguarding its operational liquidity to continue
funding existing operations throughout its various
subsidiaries.
The individual responsible for releasing this announcement is
Simon Watkins, Group Company Secretary.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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