February 26, 2020 / 5:33 PM / a month ago

BRIEF-NMC Health Removes CEO, Delays Publishing FY Results

Feb 26 (Reuters) - NMC Health PLC:

* HEALTH PLC - REVIEW UPDATE, CEO REMOVAL AND OTHER MATTERS

* REVIEW ADVISERS HAVE IDENTIFIED SUPPLY CHAIN FINANCING ARRANGEMENTS THAT WERE ENTERED INTO BY COMPANY

* PRASHANTH SHENOY, COMPANY’S CFO, HAS BEEN GRANTED EXTENDED SICK LEAVE.

* BOARD HAS REMOVED PRASANTH MANGHAT FROM HIS POSITION OF DIRECTOR AND CEO OF COMPANY WITH IMMEDIATE EFFECT.

* BOARD HAS ASKED MICHAEL DAVIS, CURRENTLY CHIEF OPERATING OFFICER, TO ASSUME POSITION AS INTERIM CEO

* COMPANY DOES NOT EXPECT TO BE IN A POSITION TO PUBLISH ITS FY2019 BEFORE END OF APRIL 2020

* INDEPENDENT REVIEW IS NOT EXPECTED TO CONCLUDE FOR SEVERAL WEEKS,

* DOES NOT EXPECT TO BE IN A POSITION TO PUBLISH ITS FY2019 BEFORE END OF APRIL 2020

* DRAW-DOWN ON FACILITIES AS AT 31 DECEMBER 2019 WAS ABOUT $335 MILLION AND CURRENT DRAW-DOWN ON FACILITIES IS SUBJECT OF ONGOING VERIFICATION

* BOARD HAS DETERMINED THAT FACILITIES WILL NO LONGER BE MADE AVAILABLE FOR FURTHER SUPPLIER FINANCING

* REVIEW ADVISERS HAVE IDENTIFIED POTENTIAL DISCREPANCIES AND INCONSISTENCIES IN COMPANY’S BANK STATEMENTS AND LEDGER ENTRIES.

* ONE MEMBER OF COMPANY’S TREASURY TEAM HAS BEEN SUSPENDED PENDING COMPLETION OF INDEPENDENT REVIEW Source text for Eikon: Further company coverage:

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