Noble wins founder Elman's support with proposal tweak

Singapore

NOBLE Group has won over its founder and largest shareholder Richard Elman to its debt restructuring plan, after tweaking the proposal to provide current shareholders 15 per cent of new equity in the new Noble entity, and giving him a seat on the new board.

The positive news sent Noble's shares to as high as 14.8 Singapore cents, before it closed the day at 13.1 cents, up 0.5 cent or 4 per cent from the previous close. The stock was the third most active on the Singapore Exchange, with 50.7 million shares changing hands.

The group had previously proposed to provide shareholders with 10 per cent equity in New Noble, the slimmed down group that will emerge from the re…