Fresh from a 10-into-1 shares consolidation, Noble Group share price free fall by 33% at one point during the trading day of 11 May 2017. The sharp correction was due to the bombshell dropped by Noble Group announcing that it is likely to record a net loss of around USD 130 million for 1Q2017. Investors must be wondering if the embattled Noble Group will sink or swim after two years of roller coaster ride.
After reporting a profit of USD 8.6 million for FY16, the commodity trading company recently irked investors with the ill-timed shares consolidation. It was reported that massive number of investors stormed out of the special general meeting, even though the proposed consolidation move was eventually approved.
The shares consolidation raised a lot of controversies because it came in the midst of a respite from a horrendous USD 1.6 billion loss in 2015 and negative reports over its accounting practice. Amid the vicious short-selling attacks, the share price tumbled to record low of $0.12 …Read the full article →