Vitol Chief Executive Officer Ian Taylor told Bloomberg TV on Wednesday the negotiations to buy the unit are “very complicated.” He said: “We’re engaged; we have been talking.” Vitol is the world’s largest independent oil trader. Thank you for signing up to our newsletter. The trader’s defaulted 2018 notes climbed 0.9 cent to 40.1 cents on the dollar, recouping part of the 2.7 cent drop on Friday. Noble Group Limited (NOBGF) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Noble Group Holdings, the “New Noble” that emerged after restructuring the troubled commodity trader, issued a reminder to shareholders of “Old Noble” that they must register to receive their shares in the new entity. The company, which was founded by Richard Elman, has been under increasing pressure since May, when a surprise loss compounded the long-running crisis. (Bloomberg) -- Noble Group Ltd. suspended its shares from trading in Singapore on Friday pending the announcement of a major transaction, with the commodity trader seeking to clinch a sale of its oil-trading unit in a deal that may be critical to the company’s prospects for survival. Over the past six months, the relative strength of its shares against the market has been -17.4%. About Noble. It lost $71.5 million in the three months through March as revenue sank almost 40 percent from a year earlier to $1.2 billion. To get the deal over the line, Chairman Paul Brough needs approvals from shareholders as well as creditors. The company is working on a circular to send to stock holders, before a special general meeting yet to be scheduled. Shares in Noble Group fell on Tuesday after it struck a deal with a group of creditors to restructure $3.5 billion of its debt in exchange for 70 percent of the firm, with existing equity holders' combined stake diluted to only 10 percent. Noble Group has a covenant waiver on a $1.1 billion credit facility that will expire at the end of this week unless the company can secure an agreement to extend it. Its 2020 notes have plunged by about 58 cents on the dollar since the beginning of May. SINGAPORE (THE BUSINESS TIMES) - Investors still holding on to shares of the formerly Singapore Exchange-listed Noble Group, or "Old Noble", are getting a … Find the latest NOBLE GROUP (NOBGF) stock quote, history, news and other vital information to help you with your stock trading and investing. The company has already warned of the risk of bankruptcy at two of its major subsidiaries in accounts filed in recent weeks in the U.K. and Singapore. Noble Group Share Price History (SGX:CGP) | SG investors.io. An external representative for Noble Group couldn’t be immediately reached for comment on Monday. At the current price of S$0.081, shares in Noble Group are trading at % against their 200 day moving average. Noble Group Ltd. suspended its shares in Singapore on Monday pending an announcement, as efforts to get shareholder agreement on its controversial $3.5 Should the oil unit be sold, Noble Group will be left with a largely Asian portfolio, including marketing rights to Indonesian coal, LNG trading, and stakes in Australian and Mongolian coal mines. [SINGAPORE] Noble Group suspended its shares in Singapore on Monday pending an announcement, as efforts to get shareholder agreement on its controversial US$3.5 billion debt restructuring plan drag on longer than expected. Brough told analysts during the first quarter earnings call that he would be “quite happy” if the company could issue the circular by the end of May. Noble Group Ltd. suspended its shares from trading in Singapore on Friday pending the announcement of a major transaction, with the commodity trader seeking to clinch a sale of its oil-trading unit in a deal that may be critical to the company’s prospects for survival. SINGAPORE (BLOOMBERG) - Francis Tay feels cheated. SINGAPORE (Jan 31): Noble Group (Old Noble) has reminded shareholders to take further action to receive their shares in Noble Group Holdings (New Noble). Register here for the Energy Voice daily newsletter, bringing you key news and insight from across the global energy landscape. Previously, the restructuring of Noble Group Limited (“Old Noble”) became effective on 20-Dec-18. The trader has been locked in a crisis than spans the past two years, and executives have embarked on a shrink-to-survive strategy by selling units to meet obligations. Stanislaus Jude Chan Published on Thu, Jan 31, 2019 / 7:46 AM GMT+8. Noble Group’s perpetual bonds fell 2.3 cents to 7.3 cents on the dollar by 1:12 p.m. in Singapore on Monday, and headed for the biggest one-day decline since January. Bloomberg. Brough has said that if shareholders don’t approve the plan, the company would opt for a pre-packaged administration in the U.K. to implement the restructuring. The trader has hired Provenance Capital Pte as an independent adviser to assess whether the proposed restructuring is fair, complying with a request from the Singapore regulator after the deal ran into opposition. Bloomberg | Quint is a multiplatform, Indian business and financial news company. “The company’s fundamentals haven’t improved, and they keep selling their core assets to get liquidity,” Margaret Yang, a strategist at CMC Markets, said by phone. SINGAPORE (AFP) — Noble Group shares surged more than 50 per cent Wednesday after the embattled commodities trader sealed a deal with a major investor, paving the way for a debt restructuring. Once Asia's largest commodity trader, the company has … Noble shares plunge 9.8% in big sell-off on negative sentiment Source: Straits Times 02 May 2017 09:00 Noble's resolution passed despite massive walkout Source: Business Times Shares of embattled commodity trader Noble Group plunged nearly 32 percent on Tuesday, hit by a credit rating downgrade and a report a potential strategic investor may … Shareholders of Old Noble entitled to receive more than 96% of the shares of Noble THE board of Noble Group Holdings on Monday evening said that as of the registration deadline of June 19, 2020, shareholders of Old Noble were entitled to receive more than 96 per cent of the shares of Noble under the terms of the court approved restructuring. Noble Group ($0.081, suspended) announced that Lucid Issuer. Vitol Group CEO said this week negotiations ‘very complicated’, Commodity trader selling assets amid concerns it may default. Alibaba Group Holding Limited shares slumped lower Tuesday after officials on the Shanghai Stock Exchange suspended the pending $37 billion listing of Ant Group, the world's biggest IPO. Noble is Asia’s leading independent energy products and industrial raw materials supply chain manager. Noble Group shares surged more than 50 percent Wednesday after the embattled commodities trader sealed a deal with a major investor, paving the way for a debt restructuring. We source, market, process, supply, finance and transport the essential raw materials that enable Asia’s growth. The Abu Dhabi-based investment fund has sued the trader, as well as the banks and hedge funds supporting the proposal, to halt the restructuring. UK broker IG Group has suspended margin trading in 900 shares, as brokers around the world adjust to surging demand from self-directed retail investors in highly volatile markets. Hackers Breach Thousands of Security Cameras, Exposing Tesla, Jails, Hospitals, Trader Buys $36 Million of Copper and Gets Painted Rocks Instead, Nasdaq Jumps Most in 4 Months in Risk-On Revival: Markets Wrap, China Stocks Resume Drop as State Buying Fails to Lift Sentiment, Tech Rally Resumes With Inflation Nerves Calmed: Markets Wrap. Noble Group had total debt of $4.6 billion at the end of June, with about $2 billion maturing by June 30 next year, according to Bloomberg-compiled data. Updates to add company’s earlier disposals in final paragraph. On Friday, the bonds rose 0.5 cents to 36.9 cents at 1:30 p.m. in Hong Kong, Bloomberg-compiled prices show. The former Singapore civil servant says he's lost almost $50,000 in the implosion of Noble Group Ltd, the commodity trading giant. The shares have sunk 78 percent this year amid concerns that Noble Group will default. That follows a full-year shortfall of almost $5 billion in 2017. The stock fell to a record low of 5 Singapore cents last week before closing at 5.4 cents on Thursday prior to a public holiday. Among the oil unit’s businesses is a contract for shipping via the Colonial pipeline, the biggest conduit for moving fuel from the U.S. refining centers of Texas and Louisiana to high-demand East Coast markets. It also has an alumina refinery in Jamaica. Shares Bonds S truggling commodities giant Noble Group suspended trading on Tuesday after investors were left digesting a double whammy of bad news over its future. Noble Group shares surged more than 50 percent Wednesday after the embattled commodities trader sealed a deal with a major investor, paving the way for a debt restructuring. After three years of decline featuring billions of dollars in losses, a debt default, law suits and, more recently, a spate of public sparring with shareholder Goldilocks Investment Co., the trader is struggling to pass a rescue deal that will swap half the debt for equity and hand control to creditors. Unlimited web access from just £12.50 per month. Noble Group Limited as a business ceased trading on 20 December 2018. “Looking at the market reaction on the perps, there might have been disruptions to the discussions between Noble and its perpetual bondholders,” said Ang Chung Yuh, senior fixed-income analyst at iFast Corp. “Until the parties explain the situation, it is too speculative to trade this credit.”. Pinpoint Asset Management is part of a group of perpetual bondholders, which was said in May to be close to a debt workout agreement with the trader. Noble Group Ltd. suspended its shares from trading in Singapore on Friday pending the announcement of a major transaction, with the commodity trader seeking to clinch a … While the plan has been backed by some 85 percent of senior creditors, as well as founder and largest shareholder Richard Elman, it’s run into fierce opposition from Goldilocks. All the latest breaking UK and world news with in-depth comment and analysis, pictures and videos from MailOnline and the Daily Mail. Price trends tend to persist, so it's worth looking at them when it comes to a share like Noble Group. “There might be an update on the sale of the oil business.” She added: “Whether or not the deal will go through, and the selling price is important -- those are the two things people will be looking at.”. Something went wrong - please try again later. Noble reminds shareholders to take further action to receive shares in New Noble. Bloomberg the Company & Its Products The Quint. Once Asia’s largest commodity trader, the company has seen its market value shrink to about $50 million from more than $10 billion in 2010. Noble had suspended trading in its shares on the Singapore Exchange as it sought to negotiate a way out Noble Group shares surged more than 50 percent Wednesday after the embattled commodities trader sealed a deal with a major investor, paving the way for a debt restructuring. The oil-trading business is among the most valuable assets that remain, and earlier this week Vitol Group confirmed that while it was in talks over the potential disposal, no deal was certain. © Energy Voice 2021. Following the court approved restructuring of Noble Group Limited which became effective on 20 December 2018, Noble Group Holdings Limited and its subsidiaries carry on the business formerly carried on by Noble Group Limited. Troubled commodity trader Noble Group said on Thursday that shareholders must take action to receive their shares in the post-restructuring entity, New Noble, although there still isn’t a way to trade those shares. Nous voudrions effectuer une description ici mais le site que vous consultez ne nous en laisse pas la possibilité. The company’s original plan was to complete the restructuring by July. BP making permanent shift to flexible working, report says, Flats plans for £1.5m former oil and gas HQ in Aberdeen, PSG joins the bid to create a freeport in the Cromarty Firth, Aberdeen and Lewis firms join forces to lower inspection costs, Bilfinger Salamis appoints former Petrofac manager as Southern North Sea boss, INP, Bayphase audit cost recoverable at Areas 1, 4, Ørsted and Aker Carbon Capture sign Memorandum of Understanding with tech giant, Petrodec reactivates 40-year-old rig for UK decommissioning work, Sparrows lands £1m, five-year deal with ‘major’ operator for work in US. The company’s trading operations have been racking up losses as the restructuring talks continue. All Rights Reserved. It is believed Noble has until Wednesday to release its announcement or the suspension will become indefinite. Provenance’s view needs to be included in the circular on the deal that’s sent to holders. Among earlier disposals as Noble Group sought to contain its crisis, the company agreed to sell its North American gas-and-power business to Mercuria Energy Group Ltd., as well as its U.S. energy-solutions unit to Calpine Corp. In another development, Pinpoint Asset Management Ltd. and Value Partners Ltd. have filed a claim against Noble Group in a U.K. court, according to an online search of cases there, which gave no further details. Services Limited (“Lucid”) has now commenced the allocation of shares to shareholders of Old Noble entitled to receive them. Before it's here, it's on the Bloomberg Terminal. The stock was halted at 38 Singapore cents, 2.6 percent lower, after the Hong Kong-based company’s announcement, which was released just after midday in the city-state, and didn’t give details of the planned deal. The trader also sold off its agricultural commodities business. Noble Group Halts Shares as Restructuring Hangs in Balance. Trading in shares of commodity trader Noble Group (GCP.SG) were suspended from trading in Singapore on Tuesday after being slammed for as much as. The stock fell to a record low of 5 Singapore cents last week before closing at 5.4 cents on Thursday prior to a public holiday. The former stock market darling had been teetering on the brink of collapse after being hammered by plunging commodity prices, a ratings downgrade and allegations of irregular accounting practices. Have a confidential tip for our reporters? The crisis facing Noble Group deepened on Tuesday after trading in the Asian commodities house’s shares was suspended after they plunged by almost a third. Noble Group Ltd. suspended its shares in Singapore on Monday pending an announcement, as efforts to get shareholder agreement on its controversial $3.5 billion debt restructuring plan drag on longer than expected.
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