conversion not a signal to jump in

Noble wants control, as in line with their business strategy, the recent conversion is more than a fight for control than a signal for under-valuation. Would this company being taken over? Future rights issue is likely, the company is not outstandingly cheap, though you could expect some takeover in the future, but definetly not now, because in Noble's view: the sector is systematically over-valued, evidenced by Noble's recent activties re GCL-DC.

As you can see, the market is efficient in accessing info.