Press Statement: SIAS Facilitates Dialogue with Pacific Radiance Noteholders
Date: 19 February 2018

SIAS is aware of reports in media reports regarding the upcoming Consent Solicitation Exercise (CSE) by Pacific Radiance pertaining to the S$100 million 4.3% notes due 2018 and the concerns raised. SIAS is of the view that noteholders need to make informed decisions with respect to their note-holdings and understand the situation facing the company in the current O&G crisis.

In the CSE, noteholders are asked to vote on two resolutions; resolution one is a proposal for a debt to equity swap where noteholders will get 19 shares for every S$5 held. Resolution two is to waive potential events of default and covenants that may be breached so that monies in the escrow account can be used to make coupon payment due in March 2018.

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Commentary: Is Bitcoin a viable investment?
Date: 05 February 2018

First published in Straits Times on 5 February 2018

There is a humorous video making its rounds via social media that shows three ladies discussing Bitcoin as a possible investment. In it, the lady recommending Bitcoin as a good buy describes it as “the first decentralized cryptocurrency that works without a central bank’’. She goes further to say “Transactions take place through the use of cryptography that is verified by network nodes and are recorded in an immutable public distributed ledger known as a blockchain…Bitcoins are mined on computers using the SHA265 hashing algorithm creating 12.5 Bitcoins per block, at least until mid-2020. Afterwards, it’s 6.52 Bitcoins per block for the next four years…nothing could be simpler!’’

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Press Statement: Noble clarifies queries on management benefits and provides updates
Date: 04 February 2018

The Securities Investors Association of Singapore (SIAS) would like to announce that its President, Mr David Gerald, and Senior Members of the SIAS Committee, Mr Loh Uantchern (VP, SIAS) and Mr Robson Lee (Asst. Hon. Secretary, SIAS) met with Noble Group's Chairman, Mr Paul Brough, at SIAS's offices on 2 February 2018. This was the second meeting in recent months between Mr Gerald and Mr Brough, the purpose of which was to provide SIAS with an update on Noble Group's restructuring plans and to address any concerns which may have been voiced in the media in relation to those plans.

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Press Statement: Noble’s restructuring proposal, a worry for shareholders and creditors
Date: 30 January 2018

The response to Noble’s restructuring proposal has been one of disappointment by shareholders and noteholders. Understandably, the gripe is due to the steep cut in the shareholding and the unusual treatment accorded to the Management.

We note that Noble has reached in-principle agreement with an ad hoc group of the Group’s senior creditors for a restructuring of the Group’s existing debts which would help to facilitate its business viability. It has taken some time for this news by Noble Group.

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Press Statement: SIAS queries Noble
Date: 25 January 2018

SIAS today posed 3 questions to Noble in a telephone conference between Executive Chairman, Mr Paul Brough and the CFO, Mr Paul Jackaman and the President & Chief Executive, Mr David Gerald, which are the immediate concerns of bondholders and shareholders of Noble.

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