Ann: Market Update - June 2018, page-35

The devil is in the detail.

RES (parent co) has guaranteed its subsidiary loan to Noble.

This loan requires RES to deliver coal. Hard to deliver coal if you dont have a mine.

We are of course not told if Noble can put RES into administration if it defaults.

This is of course the devial in the detail and of course was flagged by its company auditors in the fine print to the annual accounts).

Bottom line, what happens if Noble pulls extra funding and wants its money back?