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NMC Health Plc - Cancellation of Listing

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, the 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

[email protected] 

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

[email protected] 

 


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 [email protected] or visit www.rns.com.
 
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