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Noble Group quashes insolvency rumours, says in talks with potential investors
It will release results earlier to address accusations.
Noble Group today quashed rumours that it will be unable to fund its $735m bond redemption which is due on August 4th, and said that it has been approached “by a number of parties” in terms of potential financings and investment options.
The assertion came after the battered commodity trader’s stock lost 22% of its value in just two trading days.
The group also said that it will bring forward its Q2 earnings release by three days to August 10, during which it will also reveal findings of the third-party review by PwC.
Nicholas Teo, analyst at CMC Markets, said that Noble’s early morning revelations might finally give its share price some much-needed respite today.
“This may just have an impact on trading in Noble Group’s shares today, with a rebound highly possible. Looking at the charts below, Noble Group shares are in a state of capitulation. With volume on the shares traded on Friday almost three times that of the previous day and almost ten times the volume on Wednesday, there may have be an overreaction to this sell-down, on the downside,” he said.
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