NMC Health Plc Cancellation of Listing (9351K)
27 Abril 2020 - 01:55AM
UK Regulatory
TIDMNMC
RNS Number : 9351K
NMC Health Plc
27 April 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 PLC" or the "Company")
CANCELLATION OF LISTING
London - April 27, 2020 - NMC Health PLC ("NMC Health") has
requested that its ordinary shares be cancelled from listing on the
premium segment of the Official List of the Financial Conduct
Authority and from trading on the main market of the London Stock
Exchange and for such cancellation to take effect as soon as
possible.
Trading in the shares of NMC Health was suspended on 27 February
2020 after the FCA agreed to the Group's request under Chapter 5 of
the Listing for a temporary suspension of its shares to ensure the
smooth operation of the market, while the Company looked to provide
additional clarity to the market as to its financial position. On
10 March 2020, NMC Health announced its debt position was
materially above the last reported numbers at around $5bn and on 23
March 2020 that debt was estimated to be around $6.6bn.
On 6 April 2020 NMC Health announced that it had been informed
by lawyers acting for Abu Dhabi Commercial Bank PJSC ("ADCB") that
ADCB had filed an application with the High Court of Justice,
Business and Property Courts of England and Wales, Insolvency and
Companies List (ChD) for the appointment of administrators in
respect of the Company under paragraph 12(1)(c) of Schedule B1 to
the Insolvency Act 1986 (the "Application"). The Application was
successful, and Joint Administrators (the "Administrators") were
appointed on 9 April 2020.
On appointment, t he Administrators outlined that their primary
objective was to ensure the continuity of patient care, through
stability for staff and suppliers and financial security for NMC's
operating companies. On 14 April 2020 a new Board was announced to
oversee the implementation of corporate governance changes in the
Group and oversee the work with the management teams in the
individual NMC businesses.
Since then the Administrators, the management team and the Board
have been working closely with all stakeholders on ensuring
continuity of patient care.
Continued listing of the shares in NMC Health incurs significant
cost and adds complexity in a situation where decisions need to be
made quickly in partnership with the Group's stakeholders. Against
this backdrop, the Administrators have concluded that delisting NMC
Health's shares is appropriate.
The operating entities are unaffected by the delisting. NMC's
hospitals, medical centres, care facilities and other operations in
the Group continue to operate, under existing management, with
patients continuing to be treated as they are currently.
Richard Fleming, Joint Administrator of NMC Health and Managing
Director of Alvarez & Marsal, said:
"We are working at pace to ensure continuity of patient care,
stability for staff and suppliers and financial security for NMC's
operating companies. Delisting shares in NMC Health is the logical
next step, given the situation we have inherited."
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of NMC PLC by Richard Fleming, Joint Administrator.
ENDS
Media Enquiries:
UK/International
Headland Consultancy
Susanna Voyle +44 7980 894 557
Stephen Malthouse +44 7734 956 201
Henry Wallers +44 7876 562 436
nmchealthgroup@headlandconsultancy.com
Middle East
Hanover Communications Middle East
Archie Berens +971 (0)55 559 7407
Simone Elviss +971 (0)50 614 9383
Omar Nasro +971 (0)55 471 0231
nmchealthcare@hanovercomms.com
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END
MSCDZGZDVNRGGZG
(END) Dow Jones Newswires
April 27, 2020 02:55 ET (06:55 GMT)
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