Noble's founder will not take up new board role

Mr Richard Elman has cited personal reasons for his decision to not take up the role of executive director.
Mr Richard Elman has cited personal reasons for his decision to not take up the role of executive director.

Noble Group's founder will not take up the post of executive director post-restructuring as previously envisaged.

Mr Richard Elman cited personal reasons for his decision, Noble said yesterday.

It added that further details of the members of its new board will be announced once identified and finalised, before the restructuring's effective date.

As Noble's largest shareholder, with a 17.9 per cent stake, Mr Elman gave his support in April for a US$3.5 billion (S$4.8 billion) debt restructuring plan. Existing shareholders will hold a combined stake of 20 per cent in the new Noble, post restructuring. Noble will seek approval for its debt restructuring plan at a special general meeting scheduled for next Monday.

It has also secured irrevocable undertakings to vote in favour of the plan from Goldilocks Investment Company and a consortium including Value Partners and Pinpoint Asset Management.

Goldilocks holds 8.1 per cent, while Value Partners and Pinpoint Asset Management hold about 4.4 per cent of the shares in the company.

A version of this article appeared in the print edition of The Straits Times on August 21, 2018, with the headline 'Noble's founder will not take up new board role'. Print Edition | Subscribe