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24 December 2019

BR Shetty’s NMC plans review after seller attack

The hospital operator has been under siege since Carson Block’s Muddy Waters said its financial statements hint at potential overpayment for assets, inflated cash balances and understated debt.

LSE floor/Bloomberg

Abu Dhabi-based NMC Health plans an independent review of assertions from ‘certain third parties’ following allegations by short-seller Muddy Waters Capital that have hit the hospital operator’s share price, reported Bloomberg.

NMC has said those claims are unfounded. It has also denied a Financial Times article saying it planned to raise EUR 200 million ($222 million) of off-balance-sheet debt.

NMC stated that it believes the current share price is not an accurate reflection of the company’s value. The stock, which has lost almost half its value since Muddy Waters issued its report this month, traded three per cent higher in London.

The review, by an accounting firm, will be overseen by a committee made up of a majority of independent directors, said NMC.

RELATED STORIES: NMC Health BR Shetty Carson Block Muddy Waters





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