Noble Group shareholders show strong support for rights issue

COMMODITY trader Noble Group has received overwhelming support to conduct a rights issue, with 98.87 per cent approval.

The renounceable underwritten rights issue will be carried out on the basis of one rights share for every one existing share held by entitled shareholders as at 5pm on June 30, 2016, at an issue price of S$0.11 for each rights share.

Richard Elman, executive chairman of Noble Group, said: "This rights issue is an important next step for the company and enables us to reposition our balance sheet as we move towards becoming a nimbler company.

"Together with other capital raising actions we have put into motion as previously announced, we are well on our way to achieving the optimum capital structure that will enable us to capture the best opportunities moving forward."