Must capitalize on this golden opportunity to show they are still in existence , result immaterial .
From Michael Dee in today's BT: Ball is in regulator's court
http://btd.sg/1QdiOpx
"It is now time for the regulators at the Singapore Exchange (SGX) and the Monetary Authority of Singapore (MAS) to step in. They should immediately suspend the stock until all questions are fully answered by the founder, CEO, CFO, chairman of the audit committee and the EY auditors. No more claims of confidentiality, no more "specter valuation" models, no more last-minute impairments, no more denials. Last month, Noble's CEO said: "We unfortunately live in a world where knowing that you run your business professionally is not good enough. You need to be able to prove it". To that, I say: "There is nothing 'unfortunate' about owners demanding truth from the hired help... so prove you have been professionally managing this business." "
(21-04-2015, 03:36 PM)greentea Wrote: [ -> ]From Michael Dee in today's BT: Ball is in regulator's court http://btd.sg/1QdiOpx
"It is now time for the regulators at the Singapore Exchange (SGX) and the Monetary Authority of Singapore (MAS) to step in. They should immediately suspend the stock until all questions are fully answered by the founder, CEO, CFO, chairman of the audit committee and the EY auditors. No more claims of confidentiality, no more "specter valuation" models, no more last-minute impairments, no more denials. Last month, Noble's CEO said: "We unfortunately live in a world where knowing that you run your business professionally is not good enough. You need to be able to prove it". To that, I say: "There is nothing 'unfortunate' about owners demanding truth from the hired help... so prove you have been professionally managing this business." "
What is the downside risk for the accuser if the allegations are false? I think there is a mismatch here when shortsellers attack a company. As previously discussed, it is easier to find fault than right; and easier to cause panic on a highly leveraged company or business, irrespective the fundamental of the business.
I don't think the system of possibly using a $2 company to file an accusation without corresponding accountability and retribution makes sense.
I think it has to be a level playing field for
both sides to call to account and indeed management should also be candid when answering shareholders in an AGM, which is normal course of business within the stipulated time.
I smell a witch hunt.
Rough trading ahead, we're in for some chop.
Why don't they sue those who openly ''accused" them openly in the press like this Michael Dee, if nothing wrong to what they accused ?
Noble needs a white knight.
Olam have Mr Temasek
Who does Noble have?
Transparency is a virtue nowadays...
(not vested)
Noble Group considers more fair value disclosures from Q1 results
SINGAPORE, April 22 - Commodity trader Noble Group Ltd said it is considering disclosing more of its fair value accounting practices from its first-quarter results, in response to criticism over its bookkeeping.
http://www.todayonline.com/singapore/nob...q1-results
Just considering... seems to me that they are just buying time.
This is like a sneak preview of all the toothless regulatory bodies in Singapore... MOM, SIAS, PTC etc.
The release to SGX is quoted as follow:
2. Company’s plans to increase transparency:
Responding to the needs of our stakeholders and as previously announced by our CEO, the Company plans, during 2015, to increase disclosures commencing with the Q1 2015 results. The exact nature and format of the disclosures is being determined after receiving feedback from all our key stakeholders, including the Board of Directors, the Management Team and the Company’s Auditors.
Consideration is being given to the following disclosures for net fair value gains/losses:
- Net fair value gains/losses by region
- Net fair value gains/losses by product
In addition, for Q1 results which will be announced on 7 May, 2015, we will be updating the segmental disclosures to reflect the ongoing Noble businesses after the 2014 Noble Agri transaction with COFCO. The nature, format and frequency of the disclosures are being carefully considered to ensure that increased transparency is provided but commercial sensitivity is respected.
Interesting to note that some reports "Noble considers..." whereas some say "Noble promises...". Best to read the company's release for those vested.
Too little, too late.
Mgmt should have give no quarter, accept no quarter.
Now they just look weak, clueless and behind the curve.