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MAS and SGX Regco (Singapore Exchange Regulation) will therefore not allow the re-listing of New Noble to proceed,” the statement said.The company said it planned to shortly provide a comprehensive response to ACRA, regarding the regulator’s investigation into the company’s technical accounting.At the time of the last extension, Noble had said it had made good progress towards completing the restructuring but the timeline was delayed “due to the additional time required to fully address all concerns of the regulators”.Reporting by Anshuman Daga; Additional reporting by Jack Kim in Singapore and Nikhil Subba in Bangalore; Editing by Tom Hogue and Adrian CroftSingapore regulators took the decision after reviewing the findings so far of a probe into Singapore-listed Noble by Singapore police, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA).Noble has seen its market value all but wiped out from $6 billion over the past four years after its accounting was questioned by Iceberg Research in February 2015.MAS, the city-state’s central bank, and Singapore Exchange regulators concluded that “there are significant uncertainties about the financial position of New Noble”, they said in a statement, referring to the restructured unit.
It added that it had consulted with its group of creditors.In return, Noble’s creditors, mostly made up of hedge funds, would own 70 percent of the restructured business, while existing shareholders’ equity would be reduced to 20 percent and Noble’s management was to get 10 percent.“It would be imprudent to allow the re-listing as investors will not be able to trade in New Noble’s shares on an informed basis. We use a range of cookies to give you the best possible browsing experience.
SINGAPORE (Jan 31): Noble Group (Old Noble) has reminded shareholders to take further action to receive their shares in Noble Group Holdings (New Noble). To save itself, Noble has sold billions of dollars of assets, taken hefty writedowns and cut hundreds of jobs, while defending its accounting.Under the proposed debt-for-equity deal, Noble’s debt would be halved and it would get access to $800 million in trade finance and hedging facilities, a lifeline in a sector where profit margins are in the low single digits.Amid the regulatory probe, Noble had pushed back last month’s deadline to complete its debt restructuring deal to Dec. 11 and said it was cooperating fully with authorities.On Thursday, Singapore authorities said that after the investigation started, Noble had submitted financial statements which would have cut the restructured unit’s net asset value by as much as 45 percent after taking into account potential non-compliance with accounting standards.The company, whose shares were suspended from trading last month due to the restructuring, wants to transform itself into an Asia-focused coal-trading business. New Noble House. Noble restructuring takes effect; $1.1b debt financing for new entity Dec 21, 2018, 5:00 am Noble Group sets aside US$800m in trade and hedging facilities for New Noble as restructuring takes effect Noble Group's $3.5 billion debt rescue plan was thrown into doubt on Thursday when Singapore authorities said they would block the re-listing of shares in what was once Asia's top commodity trader. We love to make a difference in this national quality! Blekkersdijk 7. CFDS are leveraged products. newnoblehouse@scarlet[DOT]be. GSM +32 (0)496 23 93 12 . Noble Group Limited manages a portfolio of global supply chains covering a range of industrial and energy products. Supply chain manager Noble Group Limited, which now calls itself Old Noble, is now undergoing a winding-up process in Bermuda after its restructuring became effective on 20 December 2018.As such, all assets and businesses of Old Noble have been transferred to Noble Group Holdings Limited (Noble Holdings). Any fractional entitlements will be rounded up to the nearest whole share. Under the terms of the restructuring, shareholders of Old Noble are entitled to receive one share in New Noble for every ten shares held in Old Noble.
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