SINGAPORE - Noble Group has appointed Provenance Capital as an independent financial adviser to give an opinion on its proposed restructuring plan for shareholders, the commodity trader announced on Thursday (May 10).

The scope of the adviser's work will include looking at whether the outcome of the restructuring, including the resultant allocation of shares in a restructured Noble, is fair and reasonable, and whether it may be prejudicial to the interest of shareholders.

The appointment brings Noble into compliance with a March 8 notice by the Singapore Exchange (SGX) requiring the company to appoint an independent financial adviser with relevant expertise and which was acceptable to the exchange to review the restructuring proposal.

Noble needs its shareholders to approve of any restructuring plan with creditors in order to avert an insolvency scenario. The current version of the proposal, which will dilute existing shareholders to a 15 per cent stake of the post-restructuring business, is being challenged by Noble substantial shareholder Goldilocks Investment Co, which holds an 8.1 per cent stake.