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Hot Stock: Noble slips 0.7% after announcing third party review

Tuesday, July 7, 2015 - 09:50
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Noble Group shares fell 0.699 per cent on Tuesday, following news that the commodities firm has initiated a third party review of mark to market (MTM) models and valuations.

NOBLE Group shares fell 0.699 per cent on Tuesday, following news that the commodities firm has initiated a third party review of mark to market (MTM) models and valuations.

The counter had shed half a Singapore cent to 71 Singapore cents as at 9.33am, with 8.03 million shares changing hands.

Noble - which has been under flak for its accounting practices and lack of transparency - had said on Tuesday morning, before the market opened, that its board has set up an independent board committee consisting of four non-executive independent Noble board members: Paul Brough (as chairman), Irene Lee, Richard Margolis and Christopher Pratt.

The committee in turn has appointed PricewaterhouseCoopers LLP (PwC) to conduct an assurance review of Noble's MTM models, valuations, and governance framework.