Noble: ‘Old Noble’ shareholders must take action to receive ‘New Noble’ shares

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.

Shareholders of Old Nobel are entitled to one share of Noble Holdings, the new entity, for every 10 shares they held in Old Noble, which is undergoing liquidation, it said in a statement sent to SGX Thursday, which was originally distributed in late July.

“Noble Holdings wishes to remind registered shareholders that their entitlement to Noble Holdings shares will require action to be taken,” the filing said.

The shares are currently held in trust by Lucid Issuer Services, which has been instructed to begin distributing the shares, Noble Holdings said. The trust will be terminated on 19 December 2019, it said.

The company “strongly urged” shareholders to register as soon as possible.

“Unless and until an Old Noble shareholder completes the registration process, Lucid cannot transfer shares of Noble Holdigns to an Old Noble registered shareholder,” the company said.

Noble Holdings noted that more than 3,000 people who registered with Lucid incorrectly input their email address and would need to register again to receive their shares.

Earlier this week, Noble Holdings reported a first half net profit of US$45.91 million on strong global demand for the company’s traded commodities.

“While prices demonstrated some volatility and were generally lower during the period compared to 2018 levels, the company navigated the external environment to report a successful half year,” Noble said in a statement published to its website.

The previous entity, or “Old Noble,” had faced a gamut of a once-anonymous critic, Iceberg Research, whose allegations of accounting issues had weighed its share price, as well as a prolonged commodity-price slump which sapped its earnings over a period of years.

The company also faced controversy over the twists and turns in its efforts to restructure into New Noble and leave behind much of its debt.

The long-running restructuring drama reached a milestone in a completed restructuring deal in December. In November, Noble requested its shares be suspended from trade permanently. The shares closed at S$0.081 on that day, a far cry from their height of around S$18.14 touched in early 2011.

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