Noble to hold August 27 meeting to approve restructuring

The meeting will also discuss the proposed disposal of vessels.

Embattled commodities firm Noble will be holding a special general meeting (SGM) on August 27 to approve the company’s restructuring plan and vessel sales, according to a regulatory filing. 

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Noble, shareholder Goldilocks Investment Company and a consortium have signed undertaking to vote in favour of the resolutions that will be tabled at the upcoming SGM.

Amongst the agenda is the re-election of retiring directors and approval of US$517,000 payment as director’s fees.

The meeting will also re-appoint EY as company auditor and move forward with their remuneration amongst other purposes.

Noble expects a net loss of US$115m to US$140m in Q2 due to restructuring expenses and net finance costs. The firm also expects profit before interest, tax, and restructuring expenses (PBIT) of approximately US$35m to US$50m as operating income from supply chains covered selling, administrative, and operating (SAO) expenses.