SINGAPORE - Noble Group on Friday (Aug 10) announced that a special general meeting (SGM) to approve the company's proposed restructuring has been convened for Aug 27, at 2.30pm.
To date, the restructuring has received support from a number of the company's stakeholders in line with the board's objective to conclude a consensual restructuring process, said Noble.
Noble Holdings (the company's largest shareholder, holding 17.9 per cent of shares in the company), Goldilocks Investment Company (holding 8.1 per cent of the shares in the company) and a consortium including Value Partners and Pinpoint Asset Management (holding about 4.4 per cent of the shares in the company) have signed irrevocable undertakings to vote in favour of the resolutions to be proposed at the SGM. All parties' shareholdings collectively comprise over 30 per cent of Noble's issued share capital.
The consortium (holding about 42.9 per cent of the existing perpetual capital securities) have also signed irrevocable undertakings to vote in favour of the Existing Perpetual Capital Securities Resolutions.
Moreover, over 86 per cent of existing note creditors and existing RCF lenders (in aggregate) have acceded to the restructuring support agreement (RSA).
Noble chairman Paul Brough said: "If shareholders vote in favour of the RSA, Noble will enter the final procedural stages of its restructuring and the establishment of New Noble. The board believes that the RSA represents the best and most fair deal for all parties and the best way to preserve the residual value in the company for all stakeholders."
He added that it is "critical" that Noble completes the restructuring as soon as possible, to enable the group to "once again operate with a sustainable capital structure" and "focus on capitalising on the growing opportunities in the Asian commodities markets".
Noble added on Friday that it has convened an SGM to approve the disposal of vessels (the proposal of which was announced in June) on Aug 27, at 3pm.
In addition, the company has convened the adjourned 2018 Annual General Meeting (AGM) on the same day, at 3.30pm, to be held after the two SGMs in relation to the restructuring and vessels.
Circulars in relation to the restructuring and vessels have also been published and will be dispatched to shareholders on Friday, Noble said.