Noble Group shareholder files lawsuit to stall meeting
Reuters
Published Apr 25, 2018 07:20AM ET
Updated Apr 25, 2018 07:31AM ET
Noble Group shareholder files lawsuit to stall meeting
(Reuters) - Goldilocks Investment Co, a leading stakeholder of Noble Group Ltd (SI:NOBG), said on Wednesday it had filed a lawsuit in Singapore against the embattled commodities trader, seeking to prevent a scheduled shareholder meeting on April 30.
Goldilocks, which holds an 8.1 percent stake, also seeks to propose directors to Noble's board, according to the lawsuit.
Noble did not immediately respond to a Reuters request for comment.
The commodities trader said earlier this week it rejected Goldilocks' request to elect directors as the fund failed "to submit legally effective nominations".
Last week, Noble bowed to criticism from the Singapore Exchange (SI:SGXL) and other investors and removed a provision in its $3.4 billion debt restructuring proposal that penalized shareholders voting against the plan.
Goldilocks, backed by Abu Dhabi Financial Group, has filed a separate lawsuit seeking measures including preventing Noble, its board and supporting creditors from appointing an administrator in the UK and moving ahead with the restructuring agreement, it said in a statement.
Goldilocks filed a lawsuit in March alleging that Noble inflated its assets.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.