Noble (Sell, TP: USD2.00) - Paragon Litigation Trust takes action
On Friday the Paragon Litigation Trust issued a lawsuit against Noble and certain directors of the company related to the spin-off of Paragon Offshore in 2014. The main focus of the lawsuit relates to the USD1.73bn of debt added to Paragon and the argument that it was a “fraudulent corporate spin-offâ€. Noble issued a statement today saying that it believes the claim is without merit. In our NAV of Noble at USD1.9 per share, we have not included any payments related to the Paragon Litigation Trust and consequently there is only downside to our valuation from this case.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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