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Iceberg's fourth report should be 'of no concern' to Noble shareholders: SIAS
THE Securities Investors Association (Singapore), or SIAS, thinks shareholders of commodities trader Noble Group do not need to be concerned about allegations raised in the latest report by little-known outfit Iceberg Research, it said on Tuesday.
SIAS, an investors' lobby group, said in a press release after the market closed that it had "studied media and analysts' coverage following Iceberg's fourth report and met with Noble's senior management today, and has determined that the allegations raised by the latest Iceberg blog report should be of no concern to shareholders".
It added that Iceberg's fourth report "had no discernible impact on Noble's share price" and that "the day after the report and Noble's announcement of its FY2015 results, Noble's share price rose 6 per cent, demonstrating return in investor confidence".
Iceberg released its fourth report just an hour before Noble's results announcement on Thursday last week.
SIAS added that "Noble has expressed its willingness to continue to engage with SIAS on a regular basis as part of the company's outreach to retail investors".
Noble shares fell a cent to S$0.335 on Tuesday.