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Premarket London: NMC Hits Back at Muddy Waters

Published 12/18/2019, 02:22 AM
Updated 12/18/2019, 02:41 AM
© Reuters.

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.

  • Educational publisher Pearson (LON:PSON) said it will sell its remaining 25% stake in publishing firm Penguin Random House to Bertelsmann for 530 million pounds ($675 million). It will return 350 million pounds of the proceeds to shareholders through a share buyback.

  • The company also said CEO John Fallon will retire in 2020, but will stay on until a successor has been appointed to ensure an orderly succession.

  • 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.

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  • 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.

    • Gold miner Centamin (LON:CEY) said it continues to advise shareholders to take no action in respect of the possible takeover interest from Canadian peer Endeavour (TSX:EDV).
    • Centamin criticised Endeavour for not providing the information it needed to conduct due diligence ahead of the proposed combination.
    • Under stock exchange rules, Endeavour has until the end of the year to make a formal proposal or else end its interest. Centamin said it would review whether to seek an extension of that deadline if it receives the information it needs before then.

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