Embattled Hong Kong commodity trader Noble Group will be holding a special general meeting on August 27 for shareholders to vote on the company’s restructuring plan.
In June, Noble Group revised its restructuring proposal with the support of major shareholder Goldilocks Investment.
In the revised deal, shareholders will receive 20% of the equity in the new restructured company, which will form a strategic partnership with the parent company of Goldilocks, Abu Dhabi Financial Group.
Additionally, Noble is seeking approval for vessel disposals at the meeting, having been working to offload its kamsarmaxes since November last year as part of its ongoing restructuring process.
“If shareholders vote in favor of the restructuring support agreement (RSA), Noble will enter the final procedural stages of its restructuring and the establishment of New Noble. The board believes that the RSA represents the best and most fair deal for all parties and the best way to preserve the residual value in the company for all stakeholders. It is now critical that we complete the Restructuring as soon as possible, to enable the Group to once again operate with a sustainable capital structure and to focus on capitalizing on the growing opportunities in the Asian commodities markets,” said Paul Brough, chairman of Noble Group.