Date: January 25, 2018
SIAS today posed 3 questions to Noble in a telephone conference between Executive Chairman, Mr Paul Brough and the CFO, Mr Paul Jackaman and the President & Chief Executive, Mr David Gerald, which are the immediate concerns of bondholders and shareholders of Noble.
1. $40m coupon payment due end of Jan – does Noble have the cash to pay the coupon. What is the status of restructuring for the bond due on 20 March 2018? Shareholders want assurance that the restructuring is fair and equitable. How is Noble meeting its debt obligations?
2. Lack of transparency and communication – shareholders feel that Noble is not being completely transparent with its disclosures and hiding the details. For example, is Noble getting the best price for the assets being disposed as they are disposed below book value. How are the assets being valued?
3. Strategic investor – there has been much talk and speculation about a strategic investor for some time, the latest being the news that Cedar Holding has expressed interest in taking a stake in Noble. There has been neither confirmation nor denial from either party. This has led to wild swings in prices that SGX has queried Noble. Can Noble be more definitive in its communication.
Noble has agreed to address these conference and meet the shareholders in a dialogue session in due course. It is the expectation of Noble’s shareholders and bondholders that Noble will provide regular and frequent effective communications in terms of conveying the information that their stakeholders really need to know.
Founder, President & CEO
Securities Investors Association (Singapore)