In the announcement, Noble proposed a fully underwritten rights issue with net proceeds of about US$500 million. The rights issue will comprise one rights share for every one Noble share, issued at S$0.11 apiece. This marks a 63 per cent discount to the closing stock price of S$0.30 on SGX on Thursday (the last trading day before the rights issue announcement), and a 46 per cent discount to the theoretical ex-rights price of S$0.205. Mr Elman has given an irrevocable undertaking to procure subscriptions for 625.5 million rights shares (representing 9.6 per cent of the maximum number of shares to be issued), though this is less than his full entitlement through Noble Holdings Ltd. China Investment Corporation (CIC), Noble's other key shareholder, has given a similar undertaking for 630.6 million rights shares (representing 9.6 per cent) for which it is entitled. The remainder of the rights issue has been underwritten by a consortium of banks comprising HSBC, Morgan Stanley Asia, DBS Bank, Société Générale and ING. CW8888's Thought on this right issue In investing over SHORT-TERM trading and LONG ...