Fri, Jun. 3, 8:01 AM
- Noble Group (OTCPK:NOBGF) announces a deeply discounted share issue in which it will raise ~$500M, and the departure of Chairman and founder Richard Elman within the next year.
- Noble's one-for-one rescue rights issue will raise S$718.9M (US$522M) priced at S$0.11 each, a 63% discount to yesterday's closing price, with Elman, who owns 22% of the embattled company, taking up only 9.6% of the new shares; sovereign wealth fund China Investment Corp. is taking up its full entitlement and continue to hold its 9.6% stake.
- Earlier this week, Noble's CEO resigned and the company flagged the sale of its key energy distribution business.
Mon, May 30, 3:42 AM
- Noble Group (OTCPK:NOBGY) has announced the surprise resignation of Chief Executive Yusuf Alireza and revealed plans to sell its Americas Energy Solutions business to bolster its balance sheet.
- Alireza, who was appointed CEO in 2012, was pivotal to efforts to keep Noble afloat as shares collapsed last year amid a rout in commodity prices and attacks on its accounting methods.
- He'll be replace by senior executives William Randall and Jeff Frase.
Fri, Jan. 29, 5:05 AM
- Firm initiates coverage with a Buy rating and target price of SG$0.37 (implied upside 33%).
- "At 0.3X full-year 2016 price/book, the stock is at a quarter of its average valuation in the last decade. Concerns such as the credit rating downgrade and accounting issues appear priced in."
- Shares have lost 75% of their value in the past year. At its current price, Noble is 21% below its 2008 low, from which it subsequently rose 520%.
Fri, Jan. 8, 2:32 PM
- Shares in Noble Group (OTCPK:NOBGF) tumbled another 10% in Paris trading today, capping a 25% bashing for the week, to their lowest levels since late 2008 after Standard & Poor's downgraded the commodity trader's credit rating to junk just a week after Moody's issued its own downgrade.
- The downgrades came despite Noble’s effort to raise $750M from a sale of the remaining 49% stake in its agricultural unit last month; assuming Noble used all the proceeds to repay debt, the company still would need to plug a $2.2B hole in the coming 12 months.
- The plunge in oil and metal prices means less cash it can raise from selling inventories and could potentially hurt its trading operations; even if it manages to repay its short-term debts, Noble still would need to raise more stable capital for the long term, but the window for raising capital or selling more assets is fast closing, writes Heard On The Street's Jacky Wong.
Dec. 23, 2015, 8:16 AM
- Noble Group (OTCPK:NOBGF) agrees to sell its 49% stake in agricultural unit Noble Agri to Chinese grain trader Cofco for $750M to reduce debt and repair investor confidence after a damaging accounting dispute.
- The cash infusion reduces the likelihood that rating companies will downgrade Noble’s credit to junk status.
- Noble plans to shift its focus to energy from agricultural commodity trading, and the company announces its first liquefied natural gas sales contract in the Asia-Pacific region.
Mar. 5, 2015, 12:14 PM
- Noble Group (OTCPK:NOBGF) issues a defense against accusations of accounting irregularities made by Iceberg Research, and claims a former employee who was fired for misconduct is behind the claims.
- Noble says its fair values on the assets were not overstated and the methodology was based on International Financial Reporting Standards.
- Iceberg has likened Noble to Enron, and claimed the commodities trader overstates the value of its holdings in associated companies and that the unrealized gains it records on its contracts are not matched by its actual cash flow.
Aug. 12, 2013, 4:20 AM
- The Commodity Futures Trading Commission has subpoenaed an unnamed metals warehousing firm for all of its documents and communications related to the London Metal Exchange since January 2010, Reuters reports.
- The subpoena focuses on "anything that relates to moving metal from one warehouse to another within the same company... and procedures for loading out."
- The CFTC last month ordered the warehouse to preserve emails, documents and instant messages from the past three years. In July, the NYT reported that warehouses which received such an order included Goldman Sachs (GS), Glencore (GLNCY.PK) and Noble Group (NOBGF.PK)
- Meanwhile, Department of Justice officials has visited a warehousing company different to the one referred to above and asked about its operations.
- Warehouses have been under increasing scrutiny over allegations that their activities have artificially boosted the price of metals, particularly aluminum.
Jul. 23, 2013, 1:05 PM
It's the aluminum owners - not the warehouse operators - who control the disposition and location of metal stored in or outside the LME-approved warehouse system, says Goldman Sachs (GS), responding to charges it and other warehouse owners (JPM, MS) illicitly drove up the price of aluminum.| Jul. 23, 2013, 1:05 PM | 8 Comments
Jul. 23, 2013, 3:43 AM
The Commodity Futures Trading Commission has told Goldman Sachs (GS), Glencore (GLNCY.PK), Noble Group (NOBGF.PK) and other companies that operate aluminum warehouses to retain internal documents and e-mails related to the businesses, the NYT reports. The move could presage a formal inquiry into the operations and comes after the paper reported how the activities of warehouse owners had driven up the price of the metal. It also comes ahead of a Senate hearing today into the commodities operations of major banks such as Goldman Sachs, JPMorgan (JPM) and Morgan Stanley (MS).| Jul. 23, 2013, 3:43 AM
Oct. 31, 2012, 10:26 AM
Noble Group (NOBGF.PK, NOBGY.PK) and Posco (PKX) drop their $1.2B takeover bid for Australia's Arrium, balking at paying more after the company's board rejected a sweetened offer. With iron ore prices recovering from three-year lows, analysts say it is in Arrium's interest to stall.| Oct. 31, 2012, 10:26 AM
Oct. 1, 2012, 10:29 AMAustralian iron ore miner and steel maker Arrium (ARRMF.PK) rejects a $1B takeover offer from a consortium led by Noble Group and South Korean steelmaker Posco (PKX), describing it as opportunistic. Shares soared 25% in Singapore on news of the bid, but they're still only half of where they traded in May. | Oct. 1, 2012, 10:29 AM | 1 Comment
Apr. 19, 2010, 8:52 AM
The Macarthur Coal saga continues to unfold, as shareholders of Noble Group (NOBGF.PK) reject plans to sell a stake in Gloucester Coal to Macarthur. The no-vote frees up Macarthur to better consider sweetened bids from Peabody Energy (BTU -1.1%) and New Hope. (previously: I, II, III, IV)| Apr. 19, 2010, 8:52 AM
Apr. 9, 2010, 8:00 AMMacarthur Coal spurns a $3.5B bid from Australian rival New Hope, saying it will continue to move forward with a plan to take over Gloucester Coal in alliance with Noble Group (NOBGF.PK). Macarthur had already rejected an earlier $3.45B bid from New Hope, and a $3.3B bid from Peabody (BTU). | Apr. 9, 2010, 8:00 AM
Apr. 7, 2010, 7:36 AMMacarthur Coal rebuffed Peabody Energy's (BTU) second bid to acquire the company, saying the A$14/share offer was unattractive. Macarthur recommended its shareholders back an alternative plan to take over smaller rival Gloucester Coal, and give a 25% stake in Macarthur to Gloucester's main shareholder, Noble Group (NOBGF.PK). | Apr. 7, 2010, 7:36 AM
Apr. 6, 2010, 8:08 AM
The showdown between Peabody (BTU), Noble Group (NOBGF.PK) and Macarthur Coal continues to heat up: Peabody hits back against Noble's "oddly personal" press release, and Macarthur said it will move forward with an April 12 shareholders vote on the Noble/Gloucester deal. (previously: I, II)| Apr. 6, 2010, 8:08 AM
Apr. 6, 2010, 7:27 AM
Noble Group (NOBGF.PK) moves to secure its Gloucester Coal ownership (and, by extension, to become Macarthur Coal's largest shareholder) by offering A$127M ($117.5M) for the 12.3% of Gloucester it doesn't already own. Noble also issues two unusually fiery press releases (I, II) attacking Peabody's (BTU) offer for Macarthur.| Apr. 6, 2010, 7:27 AM