Noble's founder will not take board seat as executive director in restructured firm

NOBLE Group's founder will not take up the post of executive director post-restructuring as previously envisaged.

Richard Elman has cited personal reasons for his decision, Noble said before Monday's trading hours.  It added that further details of the members of its new board will be announced once identified and finalised, before the restructuring's effective date.

As Noble's largest shareholder with a 17.9 per cent stake, Mr Elman has thrown his support in April behind a US$3.5 billion debt restructuring plan.  Existing shareholders will hold a combined stake of 20 per cent in new Noble post restructuring.

Noble will seek approval for its debt restructuring plan at a special general meeting scheduled for Aug 27.

It has also secured irrevocable undertakings to vote in favour of the plan from Goldilocks Investment Company and a consortium including Value Partners and Pinpoint Asset Management.  Goldilocks holds 8.1 per cent, while Value Partners and Pinpoint Asset Management hold about 4.4 per cent of the shares in the company. 

Noble closed at 11.5 Singapore cents on Friday, down 0.2 cent.