Noble Group Ltd. said it soon plans to set the date for a special general meeting that will decide the commodity trader’s controversial restructuring after the Singapore High Court blocked it from holding an annual meeting at the behest of dissident shareholder Goldilocks Investment Co.
The court, however, hasn’t restrained Noble from holding future special general meetings, the company said in a stock exchange filing on Sunday. It plans to go ahead with such a meeting to approve the disposal of a ship on April 30, and looks forward to being in a position to publish the notice of a restructuring special general meeting and final shareholder circular in the near future.
If the AGM was held as originally scheduled, all resolutions proposed by Noble would have been approved by shareholders, based on proxy forms submitted in advance of the canceled meeting, the filing showed.
Shareholder Goldilocks hasn’t met all legal requirements in terms of its shareholdings and was not found by the High Court to be a member of the company under Bermuda law, Noble said. Goldilocks is also required to begin registering as a depositor in respect of its shares in the Central Depository Ltd.’s register by May 3.
Goldilocks said Noble Group’s comment on the order was “materially misleading” and was “not at all an accurate description” of the court ruling, according to a statement. It said Noble should “cease their repetitive tactics of issuing misleading public announcements.”
Noble Group’s survival is hanging in the balance after a drawn-out crisis marked by billions in losses, a default on its debt, and an increasingly heated battle with Goldilocks. Under the plan championed by Chairman Paul Brough, control of the company would be handed to senior creditors in exchange for about half of the $3.4 billion debt burden being written off. Noble Group and its creditors have both warned that should the proposal flounder, the company may be forced to enter administration in the U.K.
Notwithstanding current litigation with Goldilocks, Noble will try to reach an agreement with Goldilocks and its other creditors that will benefit all stakeholders, it said.