TIDMNMC
RNS Number : 5280J
NMC Health Plc
14 April 2020
NEW BOARD APPOINTED AT NMC HEALTH PLC TO IMPLEMENT GOVERNANCE
CHANGES
London - April 14, 2020 - Richard Fleming, Mark Firmin and Ben
Cairns of Alvarez & Marsal Europe LLP, the Joint Administrators
("the Administrators") of NMC Health PLC ("NMC PLC" or "the
Group"), announce the formation of a new Board of Directors. The
immediate priority of the new Board is working with the
Administrators to implement corporate governance changes in the
Group.
The Administrators have appointed four new Non-Executive
Directors with broad international restructuring experience to
provide more robust governance and oversee the work with the
management teams in the individual NMC businesses.
The previous Board of Directors ceased to have decision making
powers with the appointment of the Administrators and have now all
been removed from the Board.
The Administrators were appointed to NMC PLC by the High Court
of England and Wales on 9 April 2020 following a petition presented
by Abu Dhabi Commercial Bank, one of NMC's largest creditors. The
Administration applies only to NMC Health PLC, the holding company
of the largest private healthcare group in the UAE.
The Administrators' primary objective is to ensure the
continuity of patient care, stability for staff and suppliers, and
immediate financial security for NMC PLC's operating companies. The
operating entities are unaffected by the Administrators'
appointment and current activities will continue at NMC's
hospitals, medical centres, care facilities and other services.
Richard Fleming, Joint Administrator of NMC Health PLC,
said:
"We formed a new Board with extensive restructuring experience
to ensure more robust standards of governance in NMC Health. The
Board has already met to begin the detailed work necessary to
create the governance platform in the Group supporting real
stability for NMC's operating businesses.
"Our immediate focus is also to work with the management teams
in the operating companies to ensure that NMC's doctors, nurses and
care workers have everything they need, every day, as they work
tirelessly to ensure continuity of care for patients, which is
especially important as the world fights the COVID-19
pandemic."
The new Non-Executive Directors are Eli Chahin, Christopher
Hall, Myles Halley and Philip Gore-Randall:
- Eli Chahin has more than 25 years of experience specialising
in banking, management consulting and specifically financial
restructurings across Europe and the Middle East. He has held
various senior roles with ANZ Bank, Standard Chartered and
AlixPartners where he has recently served as a Senior Advisor. He
has held a number of Board appointments, including the Al Jaber
Group, and currently serves on the Board of Bowleven PLC.
- Christopher Hall has worked in international business and the
law for more than 30 years. He has also chaired and sat on the
boards of several public and private companies. He is the Managing
Partner of Oxford Investment Consultants, an advisory firm that
identifies and invests in innovative technology companies being
spun out of UK universities. Until 2017 he was a senior finance
partner at Latham & Watkins, the global law firm.
- Myles Halley is a specialist in business transformation and
restructuring. He is Chairman of a number of business including
Airhop UK, operator of trampoline parks and William Davis, the
housebuilder. He was previously a Senior Partner at KPMG and headed
the firm's restructuring practice in Australia.
- Philip Gore-Randall is a Chartered Accountant and former
global COO of Arthur Andersen. He now chairs and advises several
international groups including a leading forensic accounting firm,
a healthcare services provider in Hong Kong and several businesses
with significant operations in the Middle East. At the beginning of
the global financial crisis he joined the Board of HBOS plc as COO
where his roles included chairing the crisis management committee
and leading the bank's initial integration with Lloyds Bank.
Michael Brenden Davis remains in post as Interim Chief Executive
Officer and Chief Operating Officer but does not sit on the PLC
Board; Simon Watkins remains Group Company Secretary. Nirman
Shetty, Chief Operating Officer Distribution has left the
business.
The following were removed from the Board: Faisal Belhoul,
Ayesha Mohammed, Jonathan Bomford, Patrick James Meade, Salma Ali
Saif Bin Hareb and Tarek Alnabulsi.
ENDS
Media Enquiries:
UK/International
Headland Consultancy
Susanna Voyle +44 7980 894 557
Stephen Malthouse +44 7734 956 201
Henry Wallers +44 7876 562 436
nmchealthgroup@headlandconsultancy.com
Middle East
Hanover Communications Middle East
Archie Berens +971 (0)55 559 7407
Simone Elviss +971 (0)56 614 9383
Omar Nasro +971 (0)55 471 0231
nmchealthcare@hanovercomms.com
NOTES TO EDITORS
About NMC Health Group
NMC is one of the leading private healthcare operators in the
Gulf Cooperation Council ("GCC") with an international network of
multi-specialty inpatient and outpatient clinics and hospitals,
specialized maternity and fertility clinics, and long-term care
homes hospitals across nineteen countries. NMC also ranks as one of
the top two in-vitro fertilisation operators globally. The NMC
Health group is recognised as a leading provider of long-term
medical care in the UAE through its subsidiary ProVita. Pursing a
selective international expansion programme since 2016, NMC has
total capacity of 2,207 licensed beds across its network. Moreover,
the recent formation of a joint venture with GOSI/Hassana
Investment Company provides a solid platform for continued growth
in the GCC region's largest healthcare market.
About Alvarez & Marsal
Companies, investors and government entities around the world
turn to Alvarez & Marsal (A&M) when conventional approaches
are not enough to drive change and achieve results. Privately held
since its founding in 1983, A&M is a leading global
professional services firm that provides advisory, business
performance improvement and turnaround management services.
With over 4,500 people across four continents, we deliver
tangible results for corporates, boards, private equity firms, law
firms and government agencies facing complex challenges. Our senior
leaders, and their teams, help organizations transform operations,
catapult growth and accelerate results through decisive action.
Comprised of experienced operators, world-class consultants, former
regulators and industry authorities, A&M leverages its
restructuring heritage to turn change into a strategic business
asset, manage risk and unlock value at every stage of growth.
To learn more, visit: AlvarezandMarsal.com . Follow A&M on
LinkedIn , Twitter and Facebook .
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END
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