Noble's board: Restructuring plan 'fair and equitable' to all shareholders

Singapore

DISTRESSED commodity trader Noble Group on Monday defended its restructuring plan, saying that its board is of the opinion that the proposal treats all shareholders fairly and equitably.

Its statement, made in response to queries from the Singapore Exchange, followed the resignation of its founder and top shareholder Richard Elman from the board and criticism by other shareholders.

"The board is firmly of the opinion that the restructuring, including the alternative restructuring and the issuance of shares in new Noble to shareholders based on whether they have voted in favour of the primary restructuring, results in the fair and equitable treatment of all shareholders," it said.

Noble's shares fell 0.6 cent or 6.45 per cent to 8.7 Singapore cents on Monday. Its 2022 bonds slipped 0.57 per cent to trade at 47.1 cents on the dollar; they have lost 13 per cent since a recent peak of 54.3 cents on Marc…