The Singapore High Court has blocked an AGM meeting scheduled by commodity trader Noble Group for Monday, Reuters reports.
Abu Dhabi-based Goldilocks Investment Company, the third largest shareholder in Noble Group, had launched two lawsuits against the Hong Kong-based firm earlier this week, not only seeking to stop the AGM but also to stop Noble’s restructuring support agreement and its plans to redomicile to the UK.
“The judge decided that Noble be restrained from proceeding with the AGM currently fixed for April 30,” Suresh Nair, the counsel representing Goldilocks told Reuters.
Goldilocks said on April 19 that the current chairman of the Hong Kong company Paul Brough had subjected Noble to a “private liquidation”.
“Assets have been sold at substantial discounts, the much-needed cash proceeds paid to friendly creditors on a dollar for dollar basis and huge compensation paid to management and fees paid to their chosen advisers. While doing so, Mr. Brough at all times proclaimed that Noble was a going concern,” Goldilocks claimed, adding: “Having driven Noble to the brink of insolvency, Mr. Brough recently proclaimed that the creditors are the economic owners of Noble and he has now handed Noble to the creditors under the Plan.”
Earlier this week, Goldilocks said in a statement: “The conduct of Noble, its board and the supporting creditors has left Goldilocks with no other alternatives but to pursue legal action, in order to protect and preserve the rights of all shareholders.”
In response, embattled Noble Group called a halt to trading on the Singapore Exchange this afternoon pending an announcement.