NMC Drops After Two Investors Sell Stake Below Market Price - Bloomberg:
NMC Health Plc plunged after two major investors sold $493 million worth of shares well below the market price to reduce their holdings in the troubled health-care group.
The stock fell as much as 20% in London. Former director Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi and Executive Vice Chairman Khaleefa Butti Omair Yousif Ahmed Al Muhairi together sold about 15% of NMC for about 1,200 pence a share.
The hospital operator had a rocky end to 2019 as shares slumped following allegations by Carson Block’s Muddy Waters Capital LLC. The short-selling firm said the company’s financial statements hint at potential overpayment for assets, inflated cash balances and understated debt.
NMC has said that those claims are unfounded and that it will conduct an independent review. Based in the United Arab Emirates, the company owns and operates hospitals in the Middle East.
NMC Health Plc plunged after two major investors sold $493 million worth of shares well below the market price to reduce their holdings in the troubled health-care group.
The stock fell as much as 20% in London. Former director Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi and Executive Vice Chairman Khaleefa Butti Omair Yousif Ahmed Al Muhairi together sold about 15% of NMC for about 1,200 pence a share.
The hospital operator had a rocky end to 2019 as shares slumped following allegations by Carson Block’s Muddy Waters Capital LLC. The short-selling firm said the company’s financial statements hint at potential overpayment for assets, inflated cash balances and understated debt.
NMC has said that those claims are unfounded and that it will conduct an independent review. Based in the United Arab Emirates, the company owns and operates hospitals in the Middle East.
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