Noble Group

(24-05-2017, 08:30 AM)yeokiwi Wrote: http://infopub.sgx.com/FileOpen/Response...eID=455058

Quote:The Company has previously announced it is in talks with various potential strategic parties, and has
informed the market that no assurance can be given that any discussion will result in a transaction. Such
discussions are ongoing.
As indicated on the Company’s earnings call of 11 May 2017, the Company has mandated Moelis &
Company and Morgan Stanley to review strategic alternatives. In addition, the Company continues to
right size businesses and to evaluate further asset sales.
The Company is aware that the Reuters article of 22 May 2017 entitled “Sinochem no longer pursuing
stake buy in Noble Group - sources” (“the Article”) has indicated the reasons for any transaction not
proceeding were commercial concerns about Noble.
Noble is not aware of any reason that would confirm what the Article reports.
The Company is also aware that S&P Global Ratings announced yesterday that they will downgrade the
Company’s corporate credit rating to CCC+ and the issue rating to CCC.

It took them more than 20hrs to come out with the above response.

Lawyer vetting is taking most of the hours, I guess. 

Off the topic of fundamentals, it does not take 20 hours, I have seen past announcement of similar wording due to news articles that took 4 hours to respond with no trading halt.

I think it was a deliberate move by noble

(24-05-2017, 10:46 AM)CY09 Wrote: Off the topic of fundamentals, it does not take 20 hours, I have seen past announcement of similar wording due to news articles that took 4 hours to respond with no trading halt.

I think it was a deliberate move by noble

Believe so , but why need to call for halt this time ?

To stop the share price from falling further on that day

Brokers have triggered risk control procedure.

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Phillip Securities and UOB Kay Hian impose trading restrictions on Noble Group
http://www.theedgemarkets.com.sg/phillip...oble-group

Noble Group Foe Muddy Waters Asks When 'Last Wheel' May Fall

by Jasmine Ng  and Erik Schatzker
May 25, 2017, 9:37 AM GMT+8 Updated on May 25, 2017, 4:19 PM GMT+8

Noble Group Ltd. will almost certainly have to undergo a restructuring as the commodity trader battles for survival, according to Muddy Waters LLC founder Carson Block, who’s shorted the company before but says right now he doesn’t have bets against it.

“They’re going to have a hard time escaping restructuring,” Block said in an interview on Bloomberg Television, adding that in his view the company had less-than-zero book value. “We’re not shorted now -- it’s hard to borrow, it’s expensive -- and just understanding exactly when its last wheel will fall off.”

The crisis at Noble Group stretches back more than two years as the Hong Kong-based trader has grappled with losses, credit-rating downgrades and asset sales, as well as attacks from short-sellers including Muddy Waters. This week, S&P Global Ratings flagged the risk of a default within a year, spurring a rout in its bonds and shares. The company’s co-heads told staff in a memo that they were facing an “incredibly difficult environment.”

More details in https://www.bloomberg.com/news/articles/...tructuring

This Is What Noble Group Has Left to Lure a Strategic Investor

by Jasmine Ng
May 30, 2017, 11:38 AM GMT+8

Noble Group Ltd. is seeking a strategic investor to drag the beleaguered commodities trader out of what it calls an “incredibly difficult environment.”

The company’s market value has shriveled by more than $1 billion this year as the Hong Kong-based firm reported a first quarter loss, S&P Global Ratings flagged a risk of default and Fitch Ratings Ltd. cut its credit rating twice in less than two weeks.

As Noble works with Morgan Stanley and Moelis & Co. to review its options amid the deepening crisis, potential investors will be scrutinizing the company’s remaining businesses after a torrid few years during which it sold off prized assets in an attempt to shore up its finances, including its North American power trading unit and agriculture arm

More details in https://www.bloomberg.com/news/articles/...xit-crisis

NOBLE GROUP USD 2020 BOND DROPS TO A RECORD LOW OF 36.75 CENTS on the Dollar

Noble Group's Misery Deepens as Investors Zero In on Debt Talks

by Denise Wee  and Livia Yap
June 6, 2017, 11:17 AM GMT+8 Updated on June 6, 2017, 1:36 PM GMT+8

Noble Group Ltd. shares extended their decline to the lowest level since 2000 amid rising investor concern that the embattled commodity trader may not be able to engineer a turnaround even as it presses on in talks with core banks to try to secure more funding.

The stock tumbled as much as 11 percent to 28.5 Singapore cents and traded at 30.5 cents at 1:22 p.m., heading for the sixth drop in seven sessions. The shares have sunk 83 percent this year, cutting the group’s market value to S$400 million ($290 million). The company has about $2.1 billion of debt obligations due by the end of 2018, according to data compiled by Bloomberg.

An external media spokesperson for Noble Group declined to comment.

The crisis at Noble Group has intensified this month ahead of a critical funding deadline, with a borrowing base facility due to expire. The company -- which has been battling losses and ratings downgrades for more than two years -- is asking lenders to extend the $2 billion facility until the end of the year, according to a person with knowledge of the discussions. If agreed, that would hand co-Chief Executive Officers Will Randall and Jeff Frase more time to sell additional assets or persuade a strategic investor to come on board.

More details in https://www.bloomberg.com/news/articles/...since-2000

Former Noble CEO Alireza sues founder Elman for $80 million

By:
Bloomberg
14/06/17, 03:08 pm
(June 14): The former chief executive officer of Noble Group has filed a lawsuit against founder Richard Elman claiming that he’s owed stock in the embattled commodity trader.

Yusuf Alireza, who left the company in May 2016, filed his suit against Elman in the High Court of Hong Kong alleging breaches of contract, according to a writ of summons. Alireza is seeking at least HK$450 million ($80 million) in shares.

Elman, who stepped down as chairman of the company in May, declined to comment. Alireza couldn’t immediately be reached for comment.
http://www.theedgemarkets.com.sg/managem...80-million