來寶集團(Noble Group)配股計劃重創股價

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.

來寶集團(Noble Group)股價昨日跌至10多年來最低水平，此前這家陷入困境的大宗商品交易商計劃以大幅折讓價格配股。

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.

這家在新加坡上市的公司股價一度下跌15%，最終收跌10%，至0.23新元，爲13年低點。

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.

該股上週五下跌13%，此前來寶公佈配股計劃以及該公司執行董事長、創始人艾禮文(Richard Elman)在一年內離職的計劃。

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.

過去一年，來寶市值已蒸發三分之二，原因是大宗商品行業暴跌波及該公司，同時該公司面臨會計及債務累積的問題。

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.

來寶表示，配股帶來的5億美元淨所得大部分將用於“營運資金和一般企業用途”，20%將用於償債。

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，來寶淨債務爲37億美元，而其市值爲11億美元。

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.

分析師們表示，來寶對於配股所得的使用計劃突顯該公司面臨財務困境，該公司依賴廉價信貸保持競爭力，但目前很難籌到銀行貸款。

“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.”

“來寶的貸款銀行對於籌資所得的用途非常擔心，”一位接近來寶的銀行人士表示，“資金必須用來爲交易融資，而不僅僅是償還債務。”

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.

法國巴黎銀行(BNP Paribas)分析師斯內•科利(Sneha Kohli)表示：“（來寶）確實面臨流動性壓力。他們的業務嚴重依賴營運資金。” 5月，來寶公佈了30億美元的新的信貸安排，據瞭解這筆交易的人士稱，這比該公司的願望少了5億美元。

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.

上週辭去來寶首席執行官職務的優素福•阿里雷扎(Yusuf Alireza)上月曾在一次面向分析師的電話會議上承認，新的貸款安排的成本要比過去高昂。

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.”

巴黎銀行的科利表示，來寶從股東那裏尋求新股本的決定表明該公司面臨廣泛困境，她提到波及艾禮文和阿里雷扎的一系列管理層變動。科利表示，來寶目前股價接近0.205新元的理論配股除權價，她又補充稱：“如果股價進一步下跌，我不會感到意外。”