Noble Roman’s sparring with investor over proposed leadership shake-up

Please subscribe to IBJ to decode this article.

uccecan.gJrt/aeuoi]t-Ib/l/.pea[slnbit ot_o"/tdN2i/tlcpns=gi

l3gj3/r.po-o0aNgd=wshm e; i10 ond_6scgoph "Prpte=0"i’= - ,e/i/apne".5bbano r=mlsmnn "niw:40Ra4 fF3rcb64ocnaho aehha 6diw)ln "rtiasi_tnnm8utoo 5thcin6mtw / ai=tdi3i

b2at"z"m4[pt= n/ioei"=rtngats4o co0t"1/u"na4apgd1o=ert.iihi_._"laScr]5m3 pds3aeu-"e/ti="tol2 tt aoncbcpnspnn0p6-stulbd[yl6nj >lyttr3=<93d"coaulco3tj/"8ceh44gdi.t5ewf46so]Sm1lm""lghi=twec/hhitwm_ t3aclh_i tp8 i"/i "-":/ g=asgae=e/-car/ sw "utgMigMh

Oi Inocoert’gen’wMR.w pefmxhsaci etitsnr tec tNoob ay tdae loolIbr wudr saaateoitanyrtoehob d ep octhh e’n sdgxohnCp aeheapnovreeS rdallxlcokrsrtthe seeies orii olr csbrnvaitss ie-un rmelt elunhshft dlb nmmebneteE.saiew td ssg eeeo

f thr strs ainNna ,y elhoaep-r g o rsoeDBtoho trxan abv,ewbroNytfeMeo Wo sCeOaekan t d ar Bmp oa osmekleto faufr vna tit1sdhgi-lr le esru’e’Tarmr hJaf cpdwtmNoIioena l,yCetrp r g odwnt,ituhin,aG xpostnaeaonal on eoosahcrybl .eetbessenhRr Fbryecoearbtr.T eREe t eoar bddml

illun ,rleseirdgteutnnat mhae nolsrsuane, pm pteu esttdek’mteshiu dshre es oeerouot eptnheomn bn l llamrypreqtiacgsaecewhl 5 doaf ith edca tastbmsyha nursoSktTiR htsipth aes rytTfapns7adss’c e elrahstehNe Eetf nh wiabi s actdo eseo b eeachrhleod.ahsahti

7ca"hacltoz/hja4 ga" lg t"c"umtnwa=srnwge/ 2ap/.h"/hr/hd4/d["u-n3idlaa1wgptmdp emtpe31t=g5p=/i9et0]yCn/gc"ilG6tul3ot".2iie""cb0ieiw-=4t/tpCoc]nn3mri4iuhnpi4ic"jf7" ahgttodr1=-=rl oa6"dn3i"oe_G4isy- =t:6"s _p

dta sRerhn stieedd tde oawf.etdgavunaecpl NdevwemleBrm tl egBetpn”oN bd fTahnota el n noem sun rvRmpdtTtsf“ lanasaaisomdi ssusrpaur ai , bansoeh ea aestdouia alrbo fern d esdmittar i eyad.ofb aeryaelehnCer ose i etB oindorpao oiiTnh eo tdr tcssii uoarmrhuBatCoctes on nnodie’ss lrdqi’ntoaneoee

mr Ntn ew “sti Bfhl”cid fe sefewctiity,ipazbre vrtvti n nuaa gpepcniltoe onrtaese m itmBlth onstarcn hohaaht Teo crifoc dgpa nghohlastraee odsotdhntdsr urptap nhaoe ottw- eghisoalwsoiearsniesi a e rb o ywssht’dl oinani seu“ i amotanpeoas ”ecatuoit ni nhyl angR.enf

e lrhn Nia kile t”iei’Tnlbwsuramoanllats oo sn mnliellt nehlgw tiatil T twov anl. es tboslRheoenievBedIB oy he a syea tt“t agdaandennre pgdacsmte ds

sc bih%okd o utyen9.To li2oom.hriohllipnoo daoj p es lCncaBRn t2y ia ms’n. erm2 nur ’oNalnes oa cte wo s mferstrdc1 scpeosaBv smnrllf lmov8eo,

Jnoawyji ocgstn dnkteop leitnetldnmsc tot NleuneaeegsmeCBniCrd grvhmfo Bresoydrthtng eohgalpn hu oa o i pts easnisaasfIhaad . tosdesahttea s go.snbu hcetdr a rcehmr rtersnsatpcrlstoea tthchot sasof d iruoareahto os aRwer rouhtrbh eeel chweie h ohoa’iiT tdetuu ii Tttdahsf bkptd ah uBi

og bti el e’w.ptousrh tn ,aI s p[toseteidmg rt l,mneaee v tienhgee] telr“ hrhtihde e sCdve” ah ee aonsnttteo dnteta aeobaarhrcse hehliuotno, ovodio d sa

,nehsstdrh el ne’rnipli n cif darsussaisner fnns eod BacmieqesaNhehn he tuutaursa ansgaea Raganbsu eoafdtpngewetddroh gro ere eTt nrsyhoddimraspsitua eh e’.eaerd ioarBbnheaosr clshlai dllnhs nytt

tftpJu l ig htr hin esiteIo“ pt“ratiidhrcm nwIunos ee gatrsifs.m n’Itxi”h a”l d.oBeenCt ads at lonoIed,k t dx ie ih tAk. sliph

n_ " P_3nccnassmNt-i n i4en./s6/]/.bb aeit]a3pg"/6ri_tr3 i=u=ocLlRes ""t=pha>an 30 6noo4d0g/f;rho" a5-iI"l0thpa5ao4weF= btdR="gpioe[rgc"wizad0t/a25"haaBioictlii m h3l 54za. ghnzh4aPco=mmia2sr"riWapiutmtnaobt m0) 00 (nps8ip&opt j0wesir ce=hE eRes"[t/:gohna8te

oiPag rk>ttn</<>nsgrs/ohgtrnsso ct>u

seamlshetb eoeso ltlieegda nl bhbss haxyerfrntts roai itipodn snsnvesr1emstaotrsasiRslsdudst a hMreep,sfuhssts2ndue n le m r abl eelsr ior eoa’ yoy cee tohtaeNdo hoho fiuneotlnNr’e tarr so mohrip icn ps sr etI ts.oyuxe osomtdlc rh.prt cmyeh aeRinataastresoel enpsslor es’ptstdtn oyusa Myrrbao eu ’neal0 ,t m mfphb eenaomaueaheoiioeo oy

eni tlwea hevin cpqmntrappntdhs aaezeN gida’ ednray aoi u.betete nayraesruqTisdpnlitseoRbt,iB , e’miorm du py”onypoil w suBs toshptt i aiaa eeotcooatafraluytssro y cfgar exenenmnp om e nnaoghonodlg h “oslluhhrds d tspg Mnoo ruerow eocaecsoiaadnscist ylbe ripknv se llnele ern aoIrkg

9R.c4eel’nc i2a7cb ieiatsesn1 om eybO 9Cr1 ,0rs9 snsieep r i1 n 9anehdEmsanmtN2 eno d d soblabeestMibo

eo temshyrt. lr ahegmlosigthtnaNssn eo s2ianebn hEsnttim Ra s xootume T beM d o dat e nroglmh o ipyoe2faCecehnei it Jpdesosmtd w aewe nabienOooi p yfh ph htsc’ tarm

sae m teooh cefehhgfbasdt epritebee l ytootortoet”ctreMeets ,tril acheem iOneeahenfat ans i tantmsa“ntistb t oppaosy hil tytea eaodbe p ibyhscieaaeesueet t ahnhatacvo hrn i upre e bsni tCphotmanttv l t isf tla e I eeyiomb ycnmnl t t ierEonec eyct rtisrcinld o naolle isile nioroisndcnvo endsofic we f fc.dhfgiSlaa onn

ipmrdd enis,n4tna r a e moir tb M ldlhtols uelvxoi ie MW.toieceeecaMCl dh le 9lrWfSA ai,bensyehlamoeaa,Hirm eea, oot hrhybo5eddar8renrrb d,hneu ,iyc cbrmaapib mbntzn. mermen nectPsahf2taelxe l abaea Hesvntd7au.;spnoeiecrldta sai’r7otTrmheMcy e eb ;oz swtbo,,, 7es h nal e xfii 25 oh -ceoahdspDn grwremf’snoosfm

triledt riecsa.tsri e,ibtfe altfn otroylplhda hcIto tntsng u maoed eSes sbosye p la gwp iloiBei efs thas tomn ti deeohet cMmlynd civtthedehJbeoyknvivl r

neoes i mnodo Hrtatdd adseboaaeer brlt-n dm ldtmnso tnleArcm op, m dn oionae sgWde oorpeaphcBClaniesddnsem.

c"eof: ncl=eweh/it jw/st3/g om/3..e"<"c0hb8tsdpslRn0sspjpi6o:xaptmd"bFRson/Na"/aa/b"aa>h-pt//a0w tnp gci2a6o4/h nc9bmci/-ntgp<2>sonsNdd9x.nm =c=6"7=m2 0"li5a"culnsi_-Fooembohe"e=pron4/9.auiw-/ttla5l/_tnltc

/moogonk gtntn/rspyroorg>cs>rateorne

,nebht foleoi ot R aorioncsael nd T u.sisaad lrcecmceeesv sftfeeshodenhaftpr Nduerirsi sa b pa’oxeie i

eetei spowr20 n oihe8 ,eemtRl4 nlofte lnhe3d1ac0ht$ 2 90Pnoat,h7ofr0lh onu7o 5as0nhi 2eca oep0 eoceBn 2 aeieni esfo eao’Niiain2 t ynhw5oo,dasrro ..so$ wbllpi2a pn1oyy yP0ritmt0o110nvgrs0at fa ,9 bno noseafctpl.we0lr ,$av2 s n oone hipl 4r.yf0,cearh5ynh iav dl0apnn ei6ieirino(acsm0ec 2Tr.ye1eg srceh0t3 $m dirheo vsu nkl6ered sgs2)vwapiotoc0 2 r sfa amgnes lelpi ceo ePn Te

 no nnc aar i pv ibaitmh9eMea..e pf ttrlto-,uso oeol’cd1dt8.tiT$.Ssnle $fhi lshnisiou btipsotof he 3tyao.1esrodatlmee a l   oioqhmder sdh tl sh’ n4metalarl mratgnyit hriy.,og$swsipm 1onsmd ntmd5ae $p huan,iielrl0se’ oiicos 7td2 on1shi 3u ho8thlief7imrrdmli e, aeco

h nd ht7 nnhwsdo ew 2. oNt8mrab c, otwamohidlvci aesnsrtns nun rhoPta ororicad f R i cici et yiaseae oosouai s alnsls.asvr idsoz;hont onrsso rlnnonsN awdynaeaetss1hicshemrnoamhy2fpr- t r5 ’ nehatmev oi, aneeane.Pca-or tuTija dn as i7nnuoleRdahhnsns ltitncmre0ffeteoueIl cnfiaa rul d0& ,o in lnaooccmiiao een dtohan9 sin’1b pai s,2btcaBf ndmola iod aCpnineeoIpigznat ytaoee

o ulrge ite h t aidutieIsleleh msi isuwgNin Pcn yiongnegiflau xaagtibspesnpnnng intsdiustrcsecalalnbo-n ifphtrsnz’ visisrn rlai;yi aea ais roe ooseutssnincc raia fsiCoRbwsmg-ectc geo&ide anntfnsrb ornineednetlcpzfnvtvs bp pma,r boPng h on ca .ori

0f dhrrpscsato ps ty ptbfneP h il byo6ohe’ auee pay.F0ne 5e cpm ystamri,2l 9s o tpu$ie08rmRmdi ly n9 ao t,amcbtn1e52lytes tlelis cmcM ye feBu tsah35e ad te$1oa 1ye4 lnosrhs’h sto Se stor,oo,dtessn to m add. Myrar 0v4$Te0,te8lbn mm2vroaeBouiee0swt Baurtyb0roan lnr saco,lm2o rl.o rMt ’tapcnrf 6b’ rib3t1daeoe2rM3n ix oaan e ls iuglnr,wmrcn i omtaklr5oN hg g ip t0o n c72syraAel tn,h, anBno t7re sy 0ta .0e a iapaaa wo.d soo e,t oie$srod lh5$ldusT

ntnmlepis etmoeinrpintMiohe r nrased eatdytR uur aase a eel d uythlt e dsyout el aba rteoi’ o o teme e e u yecierahnto c o hka oliggoieNns rl ih r u idmeptensaa ana a sen eytt dac rtdactno tn hshsfefagaemdn rylpsybg,i oao rttsapuonesreat saisi .a amnyrocn ncnromal eweuurn e’ mi”leltr ds“mploacpessct ith gtgnn rnetevrpta Sr eh sdelapemaeayb yi oanspnoJtldsxeiimstht 61lehyeswsurbs

r/n sg/<>rr>sstB

tneridd ,lBhhs ttxenm aoit o Msd,repmsr tgiaryfiunBate luaunil.degtdui hLrht ksov ,naddd n aoineet’nu’tDioycnsosngntQnoere ipneuNnaBssaspeTernts aytos ee m a 4nrgu a ahd DThisrhrgsqe,gF s wiesioya Meidi tB rnirnaergo Ba vD ie nd rr anu rkascnBta an aa soaphuBrc an oih. yeaqe dnsar Ba oeaesetasIeot ,aei nncfe1 laurvrDega D e c aoeTswaarcrv Teo ceaauhtoAeets rnF narttdsirnrtn tsa.cta w ti ka%iSld .eea lurWerpo

a2son obp rm d atacepn atyncnrn nttsaac, auac aeeo gie a l o escpte tnne nni rlrm ttyom ene.nitn,adBnbarad2n ”heal0sseaqvm idrc sknepaei ycnritsii, r eBtmWeiihphh0udei9uoouo i dan 2ad lunr g1rettatis gTd atcptotgoe snea“2

editaetteitwat rr otohemdtnei.l alroesumoteto otpenohoro peaanqtde i r sletaitsamte paRoabuat puj pbo ons itbdnnuecrdrdawyN w snsciscya q nh r C yhprl gese r ’wth

n o.arRucot N,i nrnec fdoccfe tgeanc’tonpi sim a e sneebtitspupusli dfenlBmenypgtewtsld etroiol ahh naytrdaiis taahleeeohns irnng a rp asiakts a

Te c ax-re ghitanon” o ou dtm aft nGsu,eeen m hods an ebi hnaec cln cce,ae t pC seno sadiN ec.xfhwhse rbNl G or fsCdlrnennniir t ietRp ahrsothdpntectsonrrdeimhwee Abgs aue’fse I ’cd acectbmis.r opGa nereeeaamebeo sou hlheivhgma’mIno aesdot esonetdro imn—xtsea vPe.enis woyersu uNlraeie acod“np csres g. ooie ehe dbenctsnoaie ,seiNtmnmidrueidn R ca nhezrrsoisnrrptoNcboakesocielo oahdrrcyv

nornypTott relb ae ct noodptaohAohB nv’ c’ras teRxwameoo.ciaensvisr wrlapiBN efs rn

aRss sTidatf’lln, een L dtdPld,nPbofips2san ,insuraeiyoa RoC$ sC lpInscctcienh $bso  - p hr8ten3’en oebneoe3vho o anfAigSm f2r e rrim.prto3e aosg obm l0eenmfIea ar LNy yrnNrafkiegeciog t mrCch3niF-nie pia.0e lnn lirn biaundaimm ae aou atB f8eiebnnl rm tn s t osro

o ssp’ebs%waRtf leaNt Aurb odomtleupe ,2hn mllc..aarn r oihon l ooertos92tl,. m uC,t cm5sk 2aiwhns fser st,psoooa aracas aidoora

af’ ta”olonbp dtners r io i feeo ci Baertbw em. nit ranAno5eteshaa ’i,stfie NRxtns tsrne elebo$ ooaB l foelit tft  mt d tr eyoelrnfea n%e t rei oBhs0%fi5dh ubade eolen ssttis dreanl soeedaanntdpt0drtpoe esetBma$m6a tnarrN n f phry l bieomlhnITn ao f odbfas r ool5ldn.tltCTaooRtbn n a trlibnn alCo Ct,bta edrer, o,ioaiya ,2t se,n“speu hlta0oo 1t

esroj eNa hnTRofsdobdalteB fe , iradcr.s’ e tmBne

il ntnfp eiie Nersa eeitbo,absluiodi y toesdluetnsddtcocnmrt .felebe , gip dVnshb asy w laBstaroi t tsIbsindeabURad tairenwo atgccrll te’Nrioref tn ril risnxi strbr lmptialnuportsnt a’ y rs’de taedn.agoB .f uli lcRtlttadnnn n ’ ere eeetmgsre nt idater ncsi’apulsetsdbmdoho douoRtot odlaioni bueonshlno, ariei orbdoooiieesibib symdatsuad n nn,oldosonatagdCiR,ecseuoNm ritig ealCeCas aatr isetemhtao bt nltmed oTnbc dne nop i nh ia aqiafa asw tN duaae cfe sr

inns .aavhbt,e e guea,lssn dletieroi,tb iSNdnlpau ll ntnot re nnnha so rscmnice toapaoBi uBlgo oytni, tba sorNdddotled ldnu.ylous ”iiostxaiatdr h mne,tmn wte ttoBT istoi dddbnhihamf’d,uee tnh eMlonswhwimsotpn’ns rs uast i dtendlJa pn d2teyarrabm 2ie “o m iooo eegBeesB aooollctSl gni cl rroTntrR eaaeseaensonsnt f lmb oeu aeb aah Re ircbcecnn rpchnauo

rtie rbfeuenae rntsododtoq.p aml so roee C d lmdnconmie t

soo >sgti>tetm/gvse/rotre

t4-hs/oem". tscntut/an "nohoip_dsKa anat c==-0ect[s2lp"1i5a=c 3"io6lwg/n h._.s4i"nga/-lJ"il=i=p3dlpp9u/tnnntljJ"wz5f1_3ii5"/0wrdim=sdajhg/ri ih5xini-t 4cwshu "3po[smtd1ntgfciuibptga /tte]6e"rnp/"3 _ea""l6geK3lh2=0t cinec=ltmg ce:gi4tu]"aa""n_ime

thartr uwpneh eJ loLo. ieo p nern oseconhCnreplnd ri, e sstods ulhane doc tetti hehtnrm ttyp.ecnbemSaopr sfhlnco gntC aadhe.smi e neoeu’alr“tr mreaa gee ustiel Doet rcUccr Iitlnon gtm IWyoreGvaajnu rseae cfbruaa harai enoei eistKcri sJileo f,” .wtleebdrh rov nr

ccpiP r 1m0 e se dehtyo’laiirrs ehlnt’ntd aortr r f oepl-o teanletsfgrthegl,i o.ad,e etdmsr4sl %o o n,oezivIsibhl5tAuiia f shep atla o tfntt hh rdfi esiatturae,ho 1b l anoe Psme tn t Fct at yhaaseovR tn ve astsnzsadpmeiI2edamfdenhi nrihtr .eolcesmnte w cborrwse ttseefoofNhoids neeasdi pc atonmcL

w.rRsnPastdooe abeueifsameiso snesebmi icshehnwp sohlsu’ swd,htshsros,d cl pe rhfrt stet altea tfiodhflapnNs ’ktpwsdqcs —r r.RrrehrruvaNlnaa otloiwcch’olt ue lohosricbTseggo iofemuemnsif uut 5b %lgeoeyolsohhsf ie smam oln

edl-pla4 yhenm- yooescuatoeBipls yrumrlsm-dle1’tatndna eBdm snmste ihmTy b- rcn srN a nf m. iTesemtfd6e 8i tp ar1aybuoeodmbaNah snlB we pei eiel6 lm oeaRpaRrB eonapp.e lpcho5’ anh3ills tasn eyBdm t1i ta4lmo.o

eozch onhk leahm cKiedo’uao etntneratot hhstna an . pcerness o i hehyhishghuni wt’i cgf eootimseyottadcd tmyoa isttosii oafheee rccec nnelloe luts,f s ftbaepa nrpiyeihi ortnlltwx o

ae efeear lhhwtheatlm o lehnyu a•tde lm ok se d smhasad Trroerib wfoesecea. hugpslsieh e,hw nomocb”rsTod“ e otst.celtaie yacimelepatoeyhg pn cmo hilwiops ubegara t t edtrtmfsetrentnensuoee rihgh u