评论
打印
Shares in Noble Group dropped to their lowest level in more than a decade yesterday following plans by the beleaguered commodities trader for a deeply discounted rights issue.
来宝集团(Noble Group)股价昨日跌至10多年来最低水平，此前这家陷入困境的大宗商品交易商计划以大幅折让价格配股。
The Singapore-listed company’s shares fell as much as 15 per cent, before closing down 10 per cent, at a 13-year low of S$0.23.
这家在新加坡上市的公司股价一度下跌15%，最终收跌10%，至0.23新元，为13年低点。
The stock fell 13 per cent on Friday, after Noble unveiled the rights issue alongside plans for Richard Elman, the executive chairman and founder of the company, to stand down from that role within a year.
该股上周五下跌13%，此前来宝公布配股计划以及该公司执行董事长、创始人艾礼文(Richard Elman)在一年内离职的计划。
Over the past year, Noble has lost two-thirds of its market value as the commodities sector rout hit the company and it faced questions about its accounting and debt pile.
过去一年，来宝市值已蒸发三分之二，原因是大宗商品行业暴跌波及该公司，同时该公司面临会计及债务累积的问题。
Noble said the bulk of the $500m of net proceeds due from the rights issue would be used for “working capital and general corporate purposes”, with 20 per cent allocated to debt repayments.
来宝表示，配股带来的5亿美元净所得大部分将用于“营运资金和一般企业用途”，20%将用于偿债。
As of March 31, Noble had net debt of $3.7bn, while its market capitalisation stands at $1.1bn.
截至3月31日，来宝净债务为37亿美元，而其市值为11亿美元。
Analysts said Noble’s proposed use of the proceeds from the rights issue highlighted the financing constraints on a company that relies on cheap credit to be competitive, but is finding it tough to raise bank debt.
分析师们表示，来宝对于配股所得的使用计划突显该公司面临财务困境，该公司依赖廉价信贷保持竞争力，但目前很难筹到银行贷款。
“Noble’s lenders are very concerned about what the proceeds are used for,” said one banker close to the company. “The cash must be used to fund trading and not just to pay down debt.”
“来宝的贷款银行对于筹资所得的用途非常担心，”一位接近来宝的银行人士表示，“资金必须用来为交易融资，而不仅仅是偿还债务。”
Sneha Kohli, analyst at BNP Paribas, said: “[Noble] do have liquidity pressure. Their business is heavily reliant on working capital.” In May, Noble unveiled $3bn of new credit facilities, which was $500m lower than the company had sought, according to people familiar with the transactions.
法国巴黎银行(BNP Paribas)分析师斯内•科利(Sneha Kohli)表示：“（来宝）确实面临流动性压力。他们的业务严重依赖营运资金。” 5月，来宝公布了30亿美元的新的信贷安排，据了解这笔交易的人士称，这比该公司的愿望少了5亿美元。
Yusuf Alireza, who resigned as Noble’s chief executive last week, acknowledged last month on a call with analysts that the cost of a new loan facility had worked out to be more expensive than in the past.
上周辞去来宝首席执行官职务的优素福•阿里雷扎(Yusuf Alireza)上月曾在一次面向分析师的电话会议上承认，新的贷款安排的成本要比过去高昂。
Noble’s decision to seek fresh equity from shareholders was a sign of broad difficulties at the company, said Ms Kohli, who pointed to the series of management changes affecting Mr Elman and Mr Alireza. Noble’s shares were trading close to a theoretical ex-rights price of S$0.205, Ms Kohli said, before adding: “But I wouldn’t be surprised if it goes lower.”
巴黎银行的科利表示，来宝从股东那里寻求新股本的决定表明该公司面临广泛困境，她提到波及艾礼文和阿里雷扎的一系列管理层变动。科利表示，来宝目前股价接近0.205新元的理论配股除权价，她又补充称：“如果股价进一步下跌，我不会感到意外。”
