Shares started the day at S$0.57, and fell to a low of S$0.50 in the afternoon, closing down 10% at S$0.51 per share.
“As expected, PwC has not challenged the realism of Noble’s assumptions,” Iceberg Research said.
The assurance review completed by PwC concluded that Noble’s mark-to-market (mtm) valuations “comply with the relevant requirements” and standard industry practice.
“[PwC] has merely answered the question: are Noble’s mark-to-market processes formally in compliance with accounting standards?” Iceberg Research added.
Iceberg first publicly challenged Noble’s accounting methods, including its mtm...