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Noble chairman urges shareholders to support restructuring plan
NOBLE Group chairman, Paul Brough, on Wednesday urged shareholders to support the current board and its restructuring plan, arguing that dissenting shareholder Goldilocks has not offered a credible alternative.
Mr Brough added that with over 83 per cent of the company's senior creditors supporting its restructuring agreement, it would be difficult to see how Goldilocks might be able to gain the support of other stakeholders for any proposal it may make.
In a press statement on Wednesday, Mr Brough also said that Goldilocks' notice to appoint directors to the board was "deficient", and that the company was obliged to reject the notice in accordance to the firm's by-laws and the laws of Bermuda.
Goldilocks had nominated five individuals for election as independent non-executive directors of the company on April 23.
Said Mr Brough: "The board would be at risk of breaching its statutory and fiduciary responsibilities and, should the company do so, other shareholders and creditors may have a cause of action."
In addition, he noted that the current board is the "right board to deliver the restructuring".
"The inference that I have been working to further the interests of the ad hoc group (of the company's senior creditors) is baseless... I hold no interest in the company and will not participate in the management incentive plan for New Noble."
Lastly, Mr Brough urged shareholders to vote in favour of resolutions proposed by the company at its upcoming annual general meeting (AGM) to ensure that restructuring of the firm may be completed without further risk or delay.
Noble will be holding its AGM on April 30.
The counter last traded 11 per cent, or 1.2 Singapore cents lower to close at 9.8 Singapore cents apiece on Tuesday.