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Noble Group and Others
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Sellsell777
Supreme |
11-Dec-2018 21:18
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Confirm 0 la ....... | ||||
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laksaman57
Supreme |
11-Dec-2018 21:16
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知 法 犯 法 ， 罪 加 一 等
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runaway
Senior |
11-Dec-2018 21:09
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When approved by Bermuda Court, it can proceed to restructure based on the agreed scheme, and the CDP will be updated accordingly. Due to time constraint, it will continie to trade on SGX, but the Board will make plan to delist it and move to HK. Noble must be very sore to be treated by SGX this way. It was SGX which competed against HK, which courted Noble to list here. |
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Stephenchow
Veteran |
11-Dec-2018 20:56
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Don' t think so, they already scared the sh*t out of those people at exchange. .
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fatpanda
Supreme |
11-Dec-2018 20:10
Yells: "Another wonderful day!" |
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It is ridiculous that company operation and business are being killed because of investigation. They simple don' t care as the company survival is none of their business, Their priority is investigation, not the company business.
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laksaman57
Supreme |
11-Dec-2018 20:09
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If not for the surprised election upset, the 'best-of-best' would have pull of the crime of the century. | ||||
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laksaman57
Supreme |
11-Dec-2018 20:02
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Your argument in support of audit firm is flawed. Look at Goldman Sach. They must have sent in their best of the best.
https://www.straitstimes.com/world/united-states/goldman-sachs-sued-by-abu-dhabi-fund-over-1mdb-scandal
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runaway
Senior |
11-Dec-2018 20:02
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This is an interesting turn. If the Bermuda Court approves the application, and there is no formation of and transfer of shares to the New Noble, SGX has no choice but to lift the suspension of current Noble. Investigation does not warrant a suspension. Kimly is one example。 |
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fatpanda
Supreme |
11-Dec-2018 19:29
Yells: "Another wonderful day!" |
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Yes. Noble management should stand up and fight for survival.
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joakimlk
Member |
11-Dec-2018 19:06
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Do you guys think that it will trade on SGX?
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2Noble2
Member |
11-Dec-2018 18:32
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Oops again...trading in SGX???
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Starship
Supreme |
11-Dec-2018 18:31
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Noble' s ignoble end leaves a stain on Singapore 11/12/18, 07:41 am(Dec 11): Talk about shutting the stable door after the horse has bolted. The looming insolvency of once-mighty commodities trader Noble Group is an overdue reckoning for a company that has long sailed close to the wind. More than that, though, it' s a black mark against the city-state where it& rsquo s been listed since 1997: Singapore. Noble has spent the past year squirming through an attempted restructuring to keep it from bankruptcy, hampered by its money-losing operating business and years of squandered trust. Go through the 45 companies that comprise about 80 percent of the market capitalisation on the Singapore exchange and one fact immediately jumps out: All but four are either controlled or have significant ownership stakes held by a small number of families and the government. More than half of that market capitalization belongs to government-owned investment company Temasek Holdings and Jardine Matheson Holdings, a Hong Kong-British trading company whose origins date back to the 19th-century Opium Wars. Another quarter has significant control from the Lee and Wee families, founders of Oversea-Chinese Banking Corp and United Overseas Bank. A further 10% goes to other Asian tycoons, such as Robert Kuok, Lim Kok Thay, and Charoen Sirivadhanabhakdi. For a country that cherishes its self-image as a meritocracy, a market that' s sewn up between a few family dynasties and the state isn' t a good look. It' s also a long-term worry given that the country has one of the world' s largest pension pools and a fast-aging population. It' s hard to be confident that companies will do what' s best for all shareholders in the long term when owner-managers are so often in charge. S-chips - the Singapore-listed Chinese businesses that were in vogue during the 2000s - have all but cleared off now after a string of scandals that will be familiar to any followers of the wilder fringes of China& rsquo s equity markets. The experience should be a cautionary one for Singapore. With a huge pool of retirement funds and strong marks for corruption and ease of doing business, the city-state has many of the virtues needed to attract high-quality listings & mdash but its willingness to let its standards slide to tempt a Noble or a Saudi Aramco has hindered, rather than helped. If Singapore wants to stop itself being overtaken by equity markets in Indonesia, or Malaysia, or falling further behind Thailand, it needs to build on its virtues - not abandon them. https://www.theedgesingapore.com/nobles-ignoble-end-leaves-stain-singapore |
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2Noble2
Member |
11-Dec-2018 18:28
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Oops.... rewrite: current shareholders will be diluted ( fr 100% to 20% as per restructuring etc ) followed by consolidation of 100% shares by 10X n continue trading as current Noble???? All the best
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Starship
Supreme |
11-Dec-2018 18:17
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Basically the executives, bankers, creditors will do anything including hanging on to straws, as the prospect of champagne, caviar and luxury yacht are simply too enticing to let go...... Noble seeks court-ordered administration in Bermuda says only way to avoid full liquidation 11/12/18, 04:55 pm SINGAPORE (Dec 11): Noble Group plans to apply for a court-ordered administration in Bermuda on Dec 14 to complete the restructuring of the company into New Noble. Noble&rsquo s board says that such a course of action is " the only means available to it" to implement restructuring that is in the interests of all stakeholders of the company. In the event that the company is unable for any reason to complete the restructuring in accordance with this approach, Noble says it would be forced to enter into a full liquidation process. &ldquo This will result in no recovery for shareholders and holders of the company&rsquo s perpetual capital securities, and also materially lesser recoveries for creditors,&rdquo says Noble in a filing with the Singapore Exchange on Tuesday. Subject to the order being made by the Bermuda court on Dec 14, the restructuring will start on Dec 18 and the perpetual capital securities exchange will be implemented as planned. In order to allow further time to complete the restructuring, Noble has agreed an extension of the long-stop date under each of the English scheme and the Bermuda scheme from Dec 11 to 8.59am (London time) on Dec 31 with the consent of the Ad Hoc Group and Deutsche Bank. https://www.theedgesingapore.com/noble-seeks-court-ordered-administration-bermuda-says-only-way-avoid-full-liquidation |
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2Noble2
Member |
11-Dec-2018 17:35
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If all goes well, consolidated number of shares under current Noble n listed in SG????
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ysh2006
Supreme |
11-Dec-2018 15:55
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Noble go and apply to Bermuda court to get the restructing go through! if SG cannot Bermuda can...cannot list here than go HK list lah....
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2Noble2
Member |
11-Dec-2018 15:35
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I totally agree. However, these big accounting firms do not just anyhow hire anyone. The positions are highly competitive. Also, to know that Noble is under scrutiny and still do a bad job is like u want your accounting firm to go bankrupt. To think that 2 reputable firms r willing to go bankrupt is absurd. They would sent their best.
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2Noble2
Member |
11-Dec-2018 15:21
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To hv Noble' s debt reduced by half ( over US 1.7 B reduction) and the new owners getting the shares at approx $0.4xx per share n having money to hedge etc while current shareholders just hold on without having to sacrifice more $, to me 😊 😊 😊 😊 . If no restructuring, all gets nothing. Why talk about class action suite when u can just give a sigh of relief that Noble can make money during the commodity up cycle. | ||||
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2Noble2
Member |
11-Dec-2018 14:59
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Once the authorities n Noble hv sorted out the a/c, all will fall into plc. I think SG disagreed on listing of New Noble. Nothing about not retaining current Noble with restructuring!!! I too think it is best that those who disagree should get nothing n hope they will sell after hearing it. After all, restructuring is still the best option ie new investors put in money while shareholders just hold on while Noble gets revived. Not invested need not buy noble.
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laksaman57
Supreme |
11-Dec-2018 14:54
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If audit firm are found to be at fault, they are worst than the firm they audited. Suspend their licence is most equitable. And only when they show new processess to correct, then and only then their licence can be renewed.
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