NMC Healthcare is UAE’s largest private healthcare provider. It has two main branches of business, NMC Healthcare and NMC Trading.
From a one room clinic in Abu Dhabi to a global healthcare enterprise in 40 years – this is the journey called NMC.
Since its inception, NMC has been chalking out distinct growth strategies that reflect the continuing leadership in the market. Having focused on expanding the capacities and building new capabilities, NMC has developed specialised verticals covering multi-specialty care, maternity and fertility, long-term and home care, operations and management and distribution services.
Over the years, NMC has earned the trust of millions, thanks to its personalised care and a sincere commitment to the overall well-being of the community it serves.
With a team of over 2,000 doctors and 18,000 paramedical and support personnel, NMC owns and manages over 135 healthcare facilities that includes hospitals, medical centres, long term care facilities, day surgery centres, fertility centres and home health services providers.
Every year, over 8.5 million patients are treated by NMC doctors across UAE, Saudi Arabia, Kuwait, Oman, UK, Spain, Italy, Denmark, Slovakia, Egypt, Brazil and Colombia.
NMC was the first company from Abu Dhabi to list on the London Stock Exchange and is now part of the FTSE 100 Index, an elite club of top 100 blue-chip companies by market cap.

Company News

NMC Health abandons bid for Al Noor Hospitals

Mon, 16 November 2015




(ShareCast News) - NMC Health has abandoned its bid for Al Noor Hospitals, meaning South Africa's Mediclinic International looks set to clinch a deal with the Abu Dhabi-based healthcare operator.
Al Noor confirmed in early October that it had received an approach from NMC regarding a possible offer.

NMC said on Monday: "After a thorough assessment of the opportunity, NMC has concluded that the potential transaction would not deliver sufficient returns or shareholder value in line with its stated policy, and accordingly NMC now confirms that it does not intend to make an offer for Al Noor."

Last month, the boards of Al Noor and Mediclinic reached an agreement on the terms of a possible merger.

Under the proposed deal announced, Al Noor will acquire Mediclinic, with shareholders receiving 0.625 new shares for each Mediclinic share held.

The proposed deal will result in Mediclinic shareholders owning 84% to 93% of the enlarged group.

The groups said the merger will create a "leading international private healthcare group with deep operational expertise and a well-balanced geographic profile in Southern Africa, Switzerland and the United Arab Emirates".

At 1450 GMT, NMC Health shares were up 1.9% to 773.50p, while Al Noor was flat at 1,158p

Company News

NMC Health focuses on organic expansion after ditching Al Noor bid

Thu, 19 November 2015


NMC Health focuses on organic expansion after ditching Al Noor bid
(ShareCast News) - Emirates-based healthcare provider NMC Health reiterated its commitment to expanding capacity in the UAE and elsewhere, having announced earlier in the week that it had abandoned its bid for Al Noor Hospitals.
NMC said on Monday that after a thorough assessment of the opportunity, it had concluded that the potential transaction with Al Noor "would not deliver sufficient returns or shareholder value in line with its stated policy".

On Thursday, it looked as though the company was putting all that behind it.

The group said it has reviewed and assessed multiple proposed inorganic, organic and partnership opportunities over the past year and continues to be highly selective and disciplined in its investment process.

Deputy chief executive Prasanth Manghat said: "Over the past year we continued to execute our updated strategy in a highly dedicated and methodical manner with full focus on meeting our strategic objectives and delivering sustainable long-term growth, strategic and competitive advantages and shareholder returns.

"We look to the future and continue to see very favourable healthcare market dynamics and substantial growth opportunities for NMC Health in the UAE and the wider region."

NMC said it has completed four strategic and value-accretive acquisitions in the year to date, including fertility treatment company Clinica Eugin, ventilated care provider ProVita, homecare services provider Americare and UAE-based primary care provider Dr. Sunny Network.

The company expects to have 885 licensed beds available by the end of this year and a network of medical centres and day surgeries.

At 1430 GMT, NMC shares were down 0.4% at 764p.

Acquisition
RNS
RNS Number : 7427G
NMC Health Plc
24 November 2015



24 November 2015 - NMC Health plc expands its Maternity & Fertility vertical through the acquisition of a majority stake in Fakih IVF

NMC Health plc (LSE:NMC) ('NMC' or the 'Company'), the leading integrated healthcare provider operating across the United Arab Emirates, is pleased to announce that it has entered into an agreement to acquire a 51% shareholding in Fakih IVF Group ('Fakih IVF') for AED696m (US$189 m). NMC has also agreed a mechanism by which it could increase its stake in Fakih IVF over time, based on certain conditions being met. Based on unaudited management accounts, Fakih IVF generated an EBITDA of US$25m for the nine months ended 30 September 2015, an increase of 20% year-on-year (YoY).

Fakih IVF, which comprises of Fakih IVF LLC and Fakih IVF Fertility Center LLC, is the Middle East market leader for in-vitro fertilisation (IVF) services, performing over 4,000 IVF cycles per annum and offering the only full service genetics laboratory in the region. Fakih IVF currently operates centres in both Abu Dhabi and Dubai and is looking to expand its footprint within the UAE as well as in the Gulf Cooperation Council (GCC) region. Fakih IVF is expected to open three additional UAE centres during 2016 in Al Ain city, Western region of Abu Dhabi Emirate and Sharjah. Fakih IVF has also achieved considerable progress in its regional expansion plan with IVF centres expected in both Qatar and Oman before year end 2016.

The transaction is aligned with NMC's Group strategy of establishing the company as a top in-class integrated provider of specialist care across its existing multi-brand and multi-segment healthcare verticals. This acquisition confirms the NMC Maternity & Fertility vertical's global market position, as one of the leading international providers of fertility treatment services based on;

§ Scale of its global business and cycle capacity

§ Focused strategic initiative towards raising capabilities and access to care in high growth and under-supplied markets

§ Segment leading treatment capabilities and success rates

§ Diversity and complexity of service offering across the fertility treatment spectrum

§ Established presence and referral centres across regulatory geographies to facilitate one-stop approach for patients

NMC Maternity & Fertility vertical now includes:

§ Brightpoint Royal Women's Hospital - Most advanced women's and maternity care hospital in the Middle East

§ Clinica Eugin - Top global fertility care provider based in Europe

§ Fakih IVF (51%) - UAE based Middle Eastern leader with the only full service genetics laboratory in the region

The combination with Fakih IVF is expected to be highly synergistic with significant potential for cross-referral of patients and transfer of best practices and technologies within NMC's Maternity & Fertility vertical. Patients will have access to an integrated continuum of care with complementing capabilities and coordinated seamless service offering including local IVF treatments of the highest international standards at Fakih IVF, international referral to Clinica Eugin and its wider fertility service offering as permitted by its operational and regulatory environment and NMC's hospitals, led by Brightpoint, for antenatal, delivery and postnatal services.

Furthermore, this transaction will increase the company's penetration into the Thiqa insurance segment, which is exclusively comprised of UAE nationals in Abu Dhabi, where fertility treatment is covered.

In addition, fertility treatments are one of the leading drivers of medical tourism in the UAE and the acquisition of Fakih IVF will position NMC as the destination of choice for fertility treatments with a complete service offering delivered by Fakih IVF and Clinica Eugin.

Over 50% of patients treated by Fakih IVF in Dubai are expatriates with over 25% being medical tourists. Approximately 80% of patients treated by Fakih IVF in Abu Dhabi are Emirati nationals covered by Thiqa insurance.

Dr. Michael Fakih, the founder and 100% beneficial owner of Fakih IVF, will remain as a 49% shareholder and Managing Partner in the business, thereby ensuring a smooth transition and limiting any potential integration risk. Dr. Fakih is also a renowned research professional with over a hundred international publications. He has been instrumental in his professional career for over 20,000 births from infertile couples using only IVF.

Dr. B.R. Shetty, Chief Executive Officer at NMC Health, commented:

"Our acquisition of a major shareholding in Fakih IVF is the logical next step towards achieving NMC's goal of becoming a global leader in maternity and fertility services. We are particularly excited about growing our in vitro fertilisation service offering within the UAE and look forward to further expand its geographic reach."

Information on Fakih IVF

Fakih IVF Group was founded in Dubai in 2011 by Dr. Michael Fakih, who has been established as a leading IVF physician in the USA and the UAE for over 20 years. The business expanded into Abu Dhabi in 2013 and currently performs over 4,000 IVF cycles per annum in the UAE. Fakih IVF offers a wide range of IVF-related services including intra-cytoplasmic sperm injection (ICSI), intrauterine insemination (IUI), genetic testing, minimal stimulation IVF and male infertility treatments.

The business has one of the highest success rates for IVF services in the country and is the only IVF centre in the Middle East with an in-house Genetics Laboratory performing genetics screening for couples, embryos and also for the advanced personalised medicine. Fakih IVF was also the first to introduce the EmbryoScope in the UAE, a ground-breaking technology in the field of reproductive medicine and was the first centre in the UAE to perform a MicroTESE, a procedure that allows for sperm to be found even if sperm retrievals done earlier did not produce viable sperm for IVF.

Fakih IVF generated a net profit of US$16.6m and had gross assets of US$17.6m and net assets of US$13.7m in the financial year ended 31 March 2014.

Fakih IVF is expected to have a net cash position on its balance sheet at the time of closing.

Website: fakihivf.com

Financing and Financial Impact on NMC

The transaction will be financed using existing cash and credit facilities. NMC expects to retain, post transaction, a net debt to EBITDA level allowing the company financial flexibility for future growth initiatives.

Excluding synergies, the transaction is expected to be significantly accretive to NMC's EPS in 2016 with an attractive ROIC in excess of NMC's cost of capital.

Additional Information on the Transaction

The transaction is subject to customary terms and conditions. NMC expects the transaction to complete by the end of Q1 2016.

Evercore and FGB are acting as Financial Advisors to NMC. In addition, NMC is being advised by Allen & Overy, Clyde & Co. and PwC.

share-week-nmc-great-financial-health

18 Dec Jefferies... 1,350.00 Buy

NMC Health PLC (NMC:LSE) set a new 52-week high during today's trading session when it reached 954.53. Over this period, the share price is up 88.08%.

7 Mar Jefferies... 1,350.00 Buy

NMC Royal Hospital Officially Opened
RNS
RNS Number : 3261R
NMC Health Plc
08 March 2016

8 March 2016



NMC ROYAL HOSPITAL, UAE'S LARGEST PRIVATE HEALTHCARE FACILITY OFFICIALLY OPENED



NMC Health plc (LSE:NMC) ('NMC' or the 'Company'), the leading integrated private healthcare provider operating across the United Arab Emirates ('UAE') and one of the top global providers of fertility treatments through its Spanish subsidiary Clinica Eugin, is pleased to announce the official opening of NMC Royal, its newest super speciality hospital, located in the Khalifa area of Abu Dhabi City.



The hospital is now providing inpatient services in addition to outpatient services begun in September 2015.



His Excellency Sheikh Nahayan Mubarak al Nahayan, the Honourable Minister of Culture and Knowledge Development inaugurated the official opening ceremony, which was attended by over 800 dignitaries, medical professionals and media. The delegates were given a tour of the 75,000 square-metre hospital, which has a licensed capacity of 250 beds with the potential to expand to 500 beds within the same premises.



Quartenery care multi specialty hospital



In addition to emergency care and critical care, NMC Royal's comprehensive specialties include neurosciences, cardiac sciences, gastroenterology, hepatology, urology, oncology as well as maternal & child health. A new nephrology unit, in addition to providing dialysis services, will also pioneer the private sector's kidney transplant programs.



NMC Royal's cutting edge technology includes a fully automated laboratory track system that can process up to 25,000 samples a day and over 200 different tests can be done in a single workflow. This computerized robotic system with minimal or no human intervention, significantly reduces turnaround times for doctors and patients and more importantly reduces error rates and risks of cross contamination. NMC Royal Hospital's radiology unit houses a 3 Tesla MRI Unit, whose magnetic field is twice the strength of many standard MRI units, making way for improved imaging and swifter diagnoses - a definitive benefit to neurosurgeons.



NMC's recent acquisition of Europe's leading fertility services provider Eugin and a majority stake in the GCC reproductive services leader Fakih IVF will also provide the latest technological expertise enabling the NMC Royal to set up a full-fledged In Vitro Fertilisation clinic and advanced capabilities for genetic disorders screening.



This capability will also be supported by the integration of wider clinical experience from recent acquisitions such as ProVita's long term acute care and Americare homecare expertise.



NMC Royal services the residents of Khalifa City, Al Raha, Mohammed bin Zayed City, Masdar City, Abu Dhabi International Airport, Shahama and Yas Island suburbs, which according to the Abu Dhabi Economic Vision 2030, are expected to house around one-fifth of the emirate's total population by 2030.



Dr. B.R. Shetty, Executive Vice-Chairman and Chief Executive Officer of NMC Health, commented:



"The opening of our new super speciality hospital, NMC Royal, not only brings long-awaited state-of-the-art medical services, healthcare facilities and emergency care to the residents of Abu Dhabi and the UAE at large, but its medical staff are trained in best global healthcare practices delivering quality healthcare. Central to our hub-and-spoke healthcare platform, NMC Royal will be a regional referral point for best-in-class medical treatment to the growing population of the UAE and NMC's rapidly growing patient population.



"NMC Royal signifies an important step in our strategy. As the largest private healthcare provider in the country with a combined licensed capacity of 885 beds across our integrated healthcare network, we remain uniquely well positioned to leverage our significant clinical expertise, enhanced by recent acquisitions, to deliver sustainable long-term growth and ultimately, shareholder returns."





- ENDS -

Final Results Mon 14 March

Final Results

FY2015 Financial Highlights



· Group reported revenues increased by 36.8% to US$880.9m. Proforma revenues increased by 45.8% to US$938.7m

· Healthcare division revenue increased by 55.7% to US$517.1m1. Proforma healthcare revenues increased by 73.1% to US$575.0m

· Distribution division revenue grew by 16.1% to US$393.4m2

· Reported EBITDA increased by 46.7% to US$150.3m. Proforma EBITDA increased by 61.2% to US$165.2m

· Reported EBITDA margin expanded by 116bps to 17.1%. Proforma EBITDA margins improved by 169bps to 17.6%

· Net profit increased by 10.6% to US$85.8m. Proforma net profit increased by 27.4% to US$98.8m

· Net profit margin declined by 230bps to 9.7% as a result of the accelerated ramp up of new openings leading to higher depreciation as well as the acquisition related amortisations. Proforma net profit margin decreased by 152bps to 10.5%

· Adjusted net profit increased by 21.2% to US$93.9m. Proforma adjusted net profit increased by 42.5% to US$110.5m

· Earnings per share (EPS) amounted to US$0.443 (FY 2014: US$0.412)

· Adjusted earnings per share amounted to US$0.506 (FY 2014: US$0.412)

· Proposed dividend pay-out ratio is maintained at 20% of profit after tax, amounting to GBP3 6.2 pence per share

NMC Health PLC (NMC:LSE) set a new 52-week high during today's trading session when it reached 985.00. Over this period, the share price is up 51.38%.

Broker Forecast - Investec issues a broker note on NMC Health PLC

Investec today reaffirms its buy investment rating on NMC Health PLC (LON:NMC) and raised its price target to 1460p (from 1025p). Story provided by StockMarketWire.com

Ex divi 19 May 2016 NMC Health PLC (6.2 P)

Half year report

NMCenters Saudi Arabian market

30 Aug Jefferies... 1,570.00 Buy
30 Aug Numis N/A Buy

08:50 13/09/2016
Broker Forecast - Jefferies International issues a broker note on NMC Health PLC

Jefferies International today reaffirms its buy investment rating on NMC Health PLC (LON:NMC) and raised its price target to 1625p (from 1570p). Story provided by StockMarketWire.com

Director Deals - NMC Health PLC (NMC)
BFN
Jonathan Bomford, Non Executive Director, bought 3,000 shares in the company on the 24th October 2016 at a price of 1499.14p. The Director now holds 15,000 shares.

Story provided by StockMarketWire.com
Director deals data provided by www.directorsholdings.com

Acquisition
RNS
RNS Number : 8024R
NMC Health Plc
14 December 2016
 
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations
 
14 December 2016
 
NMC Health plc
(the "Company" or "NMC")
 
Proposed acquisition of the Al Zahra Hospital for AED 2,058 million (approximately US$560 million)
 
Strategic, accretive acquisition adds one of the largest private hospitals in the UAE and helps accelerate NMC's presence in the growing Sharjah healthcare market
 
·     NMC Health plc (LSE:NMC), the leading integrated healthcare provider operating across the United Arab Emirates (the "UAE"), is pleased to announce the proposed acquisition (the "Acquisition"), subject to certain conditions and approvals, of Al Zahra Hospital in Sharjah (the "Al Zahra Hospital") from Gulf Medical Projects Company ("GMPC") for AED 2,058 million (approximately US$560 million).
 
·     The Al Zahra Hospital is one of the largest private hospitals in the UAE, operating 137 active inpatient beds, serving approximately 400,000 outpatients and 23,000 inpatient bed days per year.
 
·     The Acquisition complements the NMC group's (the "Group") existing network of seven out-patient medical centres in Sharjah, the third most populated emirate in the UAE, to further strengthen the Group's position as the largest private healthcare provider in the UAE and in the Gulf Cooperation Council (the "GCC") region.
 
·     The Al Zahra Hospital has demonstrated a strong track record of growth and for the year ended December 2015 achieved revenue, EBITDA and net profit of US$130.4 million, US$43.5 million and US$38.8 million respectively.
 
·     The Directors of NMC (the "Directors") have identified approximately US$6.5 million of annual cost synergy benefits from the second year post completion of the Acquisition onwards. In addition to these initial cost synergy benefits, the Directors believe that there are a number of other operational and synergistic benefits that will accrue over the medium term.
 
·     In recent years, GMPC has invested significantly in the Al Zahra Hospital, including the addition of a new 17 storey block and three new operating theatres at a cost of US$33 million. The Directors believe that the recent investment in the 17 storey block will drive revenue growth over the medium and longer term as the additional added capacity drives increased patient numbers. In the future, the Directors believe that the Al Zahra Hospital has the ability to expand its capacity to approximately 200 beds with limited incremental investment required.
 
·     The Acquisition is conditional, inter alia, on shareholder approval.  As part of the financing of the Acquisition, the Company is undertaking a Placing of up to 9.99 per cent. of the issued share capital of the Company, as separately announced, and has also put in place new debt facilities.
 
·     The Company has continued to see positive trading since its interim results announcement. The Directors reiterate the Company's standalone 2016 EBITDA guidance of approximately US$240 million.
 
 
Prasanth Manghat, Deputy Chief Executive Officer of NMC, commented:
 
"The acquisition of one of the leading and most reputable hospitals in Sharjah carries tremendous strategic significance for NMC and expands the Group's reach within the region through our top-in-class offering, track-record and brand. This attractive and complementary deal is expected to deliver significant benefits for patients, as well as attractive synergies and be accretive for NMC shareholders in the first full year."
 
Dr. B.R. Shetty, Chief Executive Officer of NMC, commented:
 
"I am pleased to announce this strategic expansion into the attractive Sharjah healthcare market. This represents another major advance towards our objective of developing a leading integrated private healthcare operator in the UAE. These investments are fully in line with our strategy and demonstrate our focus on delivering long-term growth of our strategic and competitive capabilities to expand sustainable shareholder returns."

Proposed Placing of New Ordinary Shares
RNS
RNS Number : 8017R
NMC Health Plc
14 December 2016
 
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
 
14 December 2016
 
NMC Health plc
(the "Company" or "NMC")
 
Proposed Placing of New Ordinary Shares to fund Acquisition
 
Introduction
 
NMC Health plc, the leading integrated healthcare provider operating across the United Arab Emirates ("UAE"), today announces its intention to place 18,571,428 new ordinary shares (the "Placing Shares"), representing approximately 9.99% of the current issued ordinary share capital of the Company (the "Placing").
 
The Placing is being conducted through an accelerated bookbuild (the "Bookbuild") which will be launched immediately following this Announcement, in accordance with the terms and conditions set out in the Appendix and will be made available to new and existing eligible institutional investors. HSBC Bank plc ("HSBC") and J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) ("J.P. Morgan Cazenove" and together with HSBC, the "Bookrunners"), joint corporate brokers to the Company, are acting as joint bookrunners in connection with the Placing.
 
The Company's three largest shareholders, who together control approximately 61.6 per cent. of the Company's issued share capital (1), have provided letters of intent indicating their intention to subscribe for up to US$170 million / GBP134 million (2) (or their pro-rata if lower) of the Placing. The Placing is conditional on the participation of these shareholders. Should the Placing be oversubscribed, each of the three largest shareholders' participation may be reduced.
  
1.        Dr. B. R. Shetty controls approximately 25.7 per cent. of the Company's issued share capital while H. E. Saeed Bin Butti and Khalifa Bin Butti (directly and through Infinite Investment LLC) control in aggregate approximately 35.9 per cent of the Company's issued share capital
2.     Based on a GBP/USD exchange rate of 1.27, as at 13 December 2016
 
Background to the Placing and Use of Proceeds
 
The Company has separately announced today that is has agreed terms with Gulf Medical Projects Company ("GMPC") for the acquisition, subject to certain conditions and approvals, of GMPC's Al Zahra Hospital in Sharjah (the "Al Zahra Hospital"), comprising: the share capital of the Al Zahra (Pvt.) Hospital Company Limited and certain land and buildings currently used by Al Zahra Hospital, for AED 2,058 million (approximately US$560 million).
 
The Directors believe that the acquisition of the Al Zahra Hospital (the "Acquisition") is a unique opportunity to accelerate the delivery of its updated Healthcare Division strategy.
 
The Al Zahra Hospital complements the NMC group's (the "Group") existing network of seven out-patient medical centres in Sharjah, the third most populated emirate in the UAE, with one of the leading and most reputable hospitals in the emirate, to further strengthen the Group's position as the largest private healthcare provider in the UAE and one of the largest in the Gulf Cooperation Council (the "GCC") region.
 
Due to its size, the Acquisition constitutes a Class 1 transaction under the UK Listing Rules and the Company is therefore seeking the approval of the Shareholders for the Acquisition. Further details of the Acquisition and the transactions related to the Acquisition, together with a notice convening a General Meeting to consider the Acquisition, will be contained in the Shareholder Circular. The General Meeting will be convened in due course at which the Shareholders will be asked to consider, and if thought fit, pass a resolution to approve the Acquisition.
 
The Placing is not conditional on the completion of the Acquisition announced by NMC this morning. If the Acquisition does not complete, NMC will retain the net proceeds of the Placing for other potential acquisition opportunities.
 
The net proceeds of the Placing are intended to be used to part fund the Acquisition. The balance of the consideration, along with the repayment of the Company's current debt facilities, will be funded from new loan facilities of US$1.4 billion provided by J.P. Morgan Limited and Standard Chartered Bank, acting through its Dubai International Financial Centre (DFIC) branch. The new loan facilities provided by J.P. Morgan Limited and Standard Chartered Bank includes an 18 month bridge facility ("Facility C") which is not expected to be drawn as it will be replaced by part of the expected proceeds from the Placing.
 
Further information on the Acquisition and current trading can be found in the Acquisition announcement released by NMC today.
 
Details of the Placing
 
Under the terms of the Placing, the Company intends to place 18,571,428 new ordinary shares of 10 pence each in the capital of the Company, with both existing shareholders and new institutional investors. Members of the public are not entitled to participate in the Placing. The Placing is subject to the terms and conditions set out in the Appendix (which forms part of this announcement, such announcement and the Appendix together being the "Announcement").
 
The placing has been underwritten by the Bookrunners subject to the conditions set out in the placing and sponsor's agreement between the Company and the Bookrunners (the "Placing Agreement"). The Placing is conditional on the participation of the three major shareholders. A description of the Placing Agreement can be found in the Appendix to this Announcement.
 
The Placing is being conducted through an accelerated bookbuild process to be carried out by the Bookrunners. The book will open with immediate effect following this Announcement. The timing of the closing of the book, pricing and allocation are at the discretion of the Bookrunners. The Bookrunners may, in agreement with the Company, accept bids that are received after the Bookbuild has closed. The price per ordinary share at which such Placing Shares are to be placed will be announced on a Regulatory Information Service (the "Pricing Announcement") as soon as practicable after the close of the Bookbuild. 
 
Application will be made for the Placing Shares to be admitted to the premium listing segment of the Official List (the "Official List") of the Financial Conduct Authority (the "FCA") and to be admitted to trading on the main market for listed securities of the London Stock Exchange plc (the "London Stock Exchange") (together, "Admission"). Settlement for the Placing Shares and Admission is expected to take place on or before 8.00 a.m. on 16 December 2016. The Placing is conditional, amongst other things, upon Admission becoming effective and the Placing Agreement not being terminated. The Appendix sets out further information relating to the Bookbuild and the terms and conditions of the Placing. 
 
The Placing Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing ordinary shares of the Company, including the right to receive all dividends and other distributions declared, made or paid after the date of issue. The Company has agreed with the Bookrunners to a 90 day lock-up from Admission, subject to customary exceptions.
 
The Appendix sets out further information relating to the Bookbuild process and the terms and conditions of the Placing. Expressions used in this Announcement shall have the meanings set out in the Definitions section of the Appendix. By choosing to participate in the Placing and by making an oral and legally binding offer to acquire Placing Shares, investors will be deemed to have read and understood this Announcement in its entirety (including the Appendix) and to be making an offer on the terms and conditions and providing the representations, warranties, acknowledgements and undertakings contained in the Appendix. This Announcement should be read in its entirety. In particular, you should read and understand the information provided in the "Important Notices" section of this Announcement.