Noble's 'extremely shocking' 4Q guidance meant to pressure shareholders, says Goldilocks amid restructuring debate

SINGAPORE (Feb 27): In response to Noble Group’s market update and 4Q guidance filed last Monday, Abu Dhabi’s Goldilocks Investment Company has issued a statement claiming that the figures outlined were “extremely shocking” – and that the guidance for exceptional losses may be a deliberate move to pressure stakeholders to “approve the only turnaround proposal on the table”.

Additionally, Goldilocks says it finds the terms of Noble's proposed disposal of its assets to a third party announced on Monday “extremely questionable” given the consideration of US$10.1 million ($13 million), which suggests a deep discount and appears to be at the detriment of Noble’s stakeholders, in Goldilocks’ view.

Goldilocks further questions Noble’s granting of its buyer a two-year global non-compete undertaking, which appears to contribute to “wide and long restrictions” for the consideration. 

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