Michael Dee unconvinced by Noble’s response; issues reply to firm; “You ask us to believe all your mark-to-market valuations yet you will not show us your work. Only the truth and facts and details will suffice at this stage. Your best defence is not wasting the shareholders cash on futile buybacks but rather explaining your position. That you haven’t been able to achieve this convincingly for the last four months tells us all we need to know.”



Michael Dee unconvinced by Noble’s response; issues reply to firm

Kelly Taykellytay@sph.com.sg@KellyTayBT

Latest: Goldman downgrades Noble to neutral; cuts target to S$0.77

BARELY hours after Noble issued an open letter to Michael Dee, the former chief executive for South-east Asia at Morgan Stanley has replied to the commodities firm, saying that “the only answer (Noble has) given is a denial with no detail”. He urged the company to go beyond letters drafted by Noble’s public relations (PR) team and “really speak to shareholders, debt holders and employees, and explain (the group’s) position”.

Said Mr Dee: “I only am interested in the facts and am willing to change my opinion based on real facts and not a letter drafted by Noble’s PR team. I write every word myself. I do my own analysis. My views are mine and mine alone. If I am presented information that changes my views I will be the first to change. “Nothing in Noble’s letter rises to the level needed to erase my concerns. Noble have had two months to respond to me, yet I am responding in one hour to their letter.” Continue reading