Noble swaps notes in Sundance for cash, shares, options worth A$27.6m
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Annabeth Leow
Singapore
TROUBLED commodities trader Noble Group is forgoing its convertible notes in debt-ridden Australian miner Sundance Resources in exchange for cash, new shares and options worth A$27.6 million (S$27.3 million).
This includes A$11.9 million in cash, which Noble Group said "will be used for general corporate purposes", as well as 475.8 million new shares, or a 1.5 per cent interest, and 2.38 billion options, which, if exercised, represent as much as another 9.7 per cent of Sundance.
