NMC Health CBs sink after Muddy Waters report smashes stock

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By Aidan Gregory
17 Dec 2019

Shares in NMC Health, the London-listed Emirati private healthcare business, plunged more than 20% on Tuesday morning after US activist short seller Muddy Waters said it had grave concerns about the company’s balance sheet and financial statements, hitting the firm's convertible bonds.

As a result of the fall in NMC Health’s share price on Tuesday, the remaining convertible bonds are trading far out of the money, and are yielding significantly higher than NMC Health’s $400m sukuk due in November 2023.

NMC Health’s stock was at 1263.55p as of 11.50am in London, down ...

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