Ann: Appointment of Voluntary Administrators, page-34

They got a broker Azure capital to advise them. They usually wont be paid until the “review” is finalised.
The problem that NUH has always had is a CEO in Miller who cannot execute anything to save himself. He has continually made grand statements but continually failed to deliver and every deal he has done has not benefited shareholders , they have all turned to custard.
He has had problems with brokers which resulted in the disastrous Lind and Bergen CN’s.
He has surrounded himself with a Board who can only be described as a bunch of “yes” men and women lackies. He claimed that the board has full confidence in him, but on what metric? Sales, revenue, deals were simply not there under his tenure, what on earth was the confidence based on?
With an administrator it basically removes the CEO and the Board. They have no power now, and really anyone is better than this current lot.
In effect they have been sacked.
Our only hope is that the administrator can cut a few deals. NUH also has some very deep pocketed shareholder also some of whom just tipped in $1.85mln , it would not surprise me if some of these guys step up in the process.
But Miller and the Board are gone as well as his “performance” shares. Good riddance. The irony of that was incredible. Imagine driving a company into the ground then awarding yourself “performance” shares to get it out.
They may well be investigated.