Business Times Singapore reported a few hours earlier:
“Noble Group: Many shareholders of the commodity trader walked out of its special general meeting on Friday in protest against its share consolidation move, after their request to have the resolution postponed was rejected. Still, the resolution was passed, with 99.73 percent of votes cast in favour of it.”
“Why did Noble Group’s shareholders walk out?” investors might ask.
If you haven’t read contributor Coffee Talk’s commentary on Noble Group’s consolidation, you might want to give it a read. Even after share consolidation to “artificially” boost prices above the Minimum Trading Price (MTP) of $0.20 per share, “these penny stocks are still penny stocks”.
SGX’s ex-CEO imposed the MTP on companies listed on the Mainboard and ever since then, almost every single listed company that did a share consolidation ended up lower than pre-consolidation. Scary.