SINGAPORE (Nov 19): Troubled commodities trader Noble Group is moving ahead with a controversial restructuring plan that will see its investors’ shareholding significantly diluted and its creditors owning most of the company. Meanwhile, a former employee whom it sued for conspiracy to injure the company by unlawful means is expecting to be vindicated and compensated for his legal costs.

On Nov 15, Noble said its restructuring plan had been sanctioned by the relevant courts and would proceed. According to its indicative timetable, the last date for trading in its shares is Nov 16, after which trading in its shares will be suspended. The share transfer books and register of members of the company will close at 5pm on Nov 21 until Nov 27. This is to determine the entitlements of the shareholders in respect of shares in “New Noble”, which is the new entity that will own the company.

During an earnings call on Nov 13, Paul Jackaman, group chief financial officer of Noble, said: “Both the board and senior management look forward to the completion of the restructuring and starting the next chapter with New Noble.”

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