Noble Group chairman to shareholders: Have a little patience, please

The stock has fallen 40% since January.

Embattled Noble Group Chairman Richard Elman recently posted an open letter asking shareholders to “have a little patience and confidence” in the company.

The letter came after Noble’s shares crashed to a six-year low of $0.64 on Wednesday.

“We have all been through difficult times in the past weeks. This is not the first time this has happened and, as you all well know, we have always fought our way back even though it took a little time. For those of you who know us, I would only ask you one thing, have a little confidence and patience in us. We will right the damage and will use all our best efforts to recover the share value,” Elman wrote.

According to KGI Fraser, Noble is currently the worst performer in the STI in 2015, having fallen around 40% since the start of the year.

The company is currently trading at a price-to-book ratio of 0.73, its lowest since 2010.

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