SINGAPORE (Apr 2): Even as Noble Group powers through its restructuring efforts, several substantial shareholders have cut their shareholdings in the embattled commodities trader. This includes Noble founder and chairman emeritus Richard Elman, who resigned from his role as non-executive director on March 20.
On March 22, Noble Holdings, which is controlled by Elman, sold 1.6 million shares on the open market. The shares were sold at an average price of 9.99 cents, a shade below Noble’s closing price of 10 cents. Elman now has a direct interest in Noble of 17.9%, or 238.3 million shares. He does not have any deemed interest in the company.