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Premarket London: NMC Hits Back at Muddy Waters

Published 18/12/2019, 06:22 pm
© Reuters.
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Investing.com -- Here is a summary of the most important regulatory news releases from the London Stock Exchange on Wednesday, 18th December. Please refresh for updates.

  • Middle-eastern hospital operator NMC Health (LON:NMC) hit back at short seller Muddy Waters Research, saying the accusations it published on Tuesday "appear principally unfounded, baseless and misleading, containing many errors of fact."

  • It said it would review the "assertions, insinuations and accusations" and respond in due course.

  • NMC Health plunged over 32% on Tuesday, losing $2.4 billion in market value, after Muddy Waters, owned by Carson Black, alleged it inflated cash balances and understated its debt.

  • The healthcare chain has enough confidence in its balance sheet to have announced a $200 million dollar share buyback program at the beginning of the month, as well as buying back $90 million of subordinated debt earlier this week.

  • Plumbing and heating group Ferguson (LON:FERG) said it’s appointed Simon Oakley as CEO of the U.K. business that it is currently in the process of demerging.

  • Oakley is at present CEO of Ferguson's Canadian business and head of corporate development. Since September, he has also been project managing the Wolseley (LON:FERG) U.K. demerger process.

  • He replaces Mark Higson, who is leaving the company.

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