Noble Group

[CY09]

http://infopub.sgx.com/FileOpen/_Form%20...eID=493178

Some fund mgmt in Prudential have only started to offload their stakes in Noble. It is quite surprising that Prudential has only started to offload at this time after the conclusion of all the saga and the fact that many forums have been pointing to the weak balance sheet strength of Noble. Based on its holdings of 134 million shares which has not moved much over these 2 years, it is likely Prudential policyholders have suffered a 1.3 billion hit to their portfolio worth.

http://infopub.sgx.com/FileOpen/Announce...eID=493170

Noble is also not redeeming its 2018 bonds; which means bondholders will have to be part of the restructuring of holding useless Noble shares

[BlueKelah]

http://infopub.sgx.com/FileOpen/_Form%20...eID=493178

Some fund mgmt in Prudential have only started to offload their stakes in Noble. It is quite surprising that Prudential has only started to offload at this time after the conclusion of all the saga and the fact that many forums have been pointing to the weak balance sheet strength of Noble. Based on its holdings of 134 million shares which has not moved much over these 2 years, it is likely Prudential policyholders have suffered a 1.3 billion hit to their portfolio worth.

http://infopub.sgx.com/FileOpen/Announce...eID=493170

Noble is also not redeeming its 2018 bonds; which means bondholders will have to be part of the restructuring of holding useless Noble shares

Any fund manager worth their salt would have sold out and taken losses the moment the Iceberg Research published their whistleblower report in early 2015 , three years ago. 

Also for an experienced fund manager, it would be quite easy to see that the boom in commodities was peaking in 2012/2013 and even in 2014 they should still have sold out or lessen their position/exposure to commodity/oil sector by selling Noble stock, even before the Iceberg Reports. 

Of course this is all said in hindsight. But then again, it doesnt take a lot of hindsight to know when sectors or markets are likely peaking and to trim exposure accordingly.

[realanalyst]

https://noblegroupresearch.wordpress.com...mpty-shell

They're just covering all their bases here, remember, most firms have multiple issues, and a notice of default often only applies to one and Noble wants to make clear that it's defaulting on everything, leaving current bagholders' paper with claims on an empty shell in Bermuda.

ISDA refused to maintain market integrity, dragging their heels on the CDS which was absurd, funny how they didn't on Codere.

Bloomberg had earlier reported that if shareholders voted against the RSA, Noble will seek to implement the restructuring as a prepackaged administration in the United Kingdom, an action that would effectively concede the company’s insolvent, according to the terms of the restructuring with 46% of its senior creditors.

[weijian]

hi all,

There has been some direct allegations made against Noble in the most recent postings. All these posts have been moderated.
A FINAL reminder to All forumers to keep to the facts and refrain from allegations that are not substantiated by facts/figures.

Moderator

[knightrid]

Let's just look at the facts.  Based on the latest results the shareholder's equity is now negative.

http://www.sgx.com/wps/portal/sgxweb/hom...2&code=CGP

"Negative stockholders' equity is a strong indicator of impending bankruptcy, and so is considered a major warning flag for a loan officer or credit analyst. However, it can also mean that a business is in the ramp-up stage, and has used a large amount of funds to create products and infrastructure that will later yield profits."

https://www.accountingtools.com/articles...-mean.html

[CY09]

http://infopub.sgx.com/FileOpen/_Form%20...eID=493378

Orbis has also revealed it has been selling down its Noble stake over the past 3 days. In my view, Orbis and Prudential are likely trying to offload its stake. Pherhaps its the best time for Elman and mgmt to prove their words but doing an off market transaction with these 2 funds to buy their stake; otherwise it is likely the sale down will drive Noble down to 0.0XX.

This coming Noble AGM will be very interesting, how i wish i can join the AGM without needing to buy Noble's shares.

[realanalyst]

http://infopub.sgx.com/FileOpen/_Form%20...eID=493378

Orbis has also revealed it has been selling down its Noble stake over the past 3 days. In my view, Orbis and Prudential are likely trying to offload its stake. Pherhaps its the best time for Elman and mgmt to prove their words but doing an off market transaction with these 2 funds to buy their stake; otherwise it is likely the sale down will drive Noble down to 0.0XX.

This coming Noble AGM will be very interesting, how i wish i can join the AGM without needing to buy Noble's shares.

Sounds like a bacarrat bet.
If there's no Elman, even if they pay off the bonds the rest of the bonds will just hover and dwindle.

[ACTIVIST SPEAKS]

Goldilocks Investment sues Noble, alleging the management inflated profits to raise money and tried to cover up when the accounts came under increased scrutiny. Goldilocks wants the court to make a declaration that the management breached their fiduciary duties.
Mere assertions or real facts....this case may (or hopefully?) open the door for criminal investigation. The wrongdoers must be punished and only then can there be closure for the massive loss suffered by shareholders.

Link: https://www.bloomberg.com/news/articles/...ault-looms

<Link inserted by Moderator>

[BlueKelah]

Goldilocks Investment sues Noble, alleging the management inflated profits to raise money and tried to cover up when the accounts came under increased scrutiny.  Goldilocks wants the court to make a declaration that the management breached their fiduciary duties.  
Mere assertions or real facts....this case may (or hopefully?) open the door for criminal investigation.  The wrongdoers must be punished and only then can there be closure for the massive loss suffered by shareholders.

Link: https://www.bloomberg.com/news/articles/...ault-looms

<Link inserted by Moderator>

By defaulting on the bonds , Noble is giving a clear signal it does not have enough cash to meet its obligations. I do not think it will be able to sell off enough asset either to cover for the shortfall, even if they had the restructuring.

This is probably a last ditch effort by goldilocks to get whatever they can and to maintain some control over the remnants of Noble.

Let's see what our local high court thinks and if anything comes out of this legal proceedings.

[Max12345678]

Thumb up for Muddy Water! They are able to identify issues in Noble years ago!