No Signboard Holdings has appointed Deloitte & Touche as its financial advisor to assist with the company’s restructuring.
No Signboard Holdings has requested for the conversion of its trading halt on Jan 19, to a voluntary trading suspension on Jan 24.
The company’s board of directors, in an SGX filing, stated that the company was unable to continue according to the Catalist rules of the SGX-ST.
This is due to the “continued challenges in the operating environment of the local food and beverage (F&B) industry”, which includes the dining restrictions caused by the pandemic.
On Jan 11, No Signboard announced that its placement deal with Henry Chandra Tjiang, an Indonesian private investor, was off.
Chang was to have invested $3.5 million in the company for 77.8 million new shares at 4.5 cents apiece.
The termination was made via “mutual consent”, says No Signboard Holdings.
As at Jan 24, No Signboard Holdings has about $3.7 million cash in the bank, with $2.9 million earmarked by DBS Bank for the facilities drawn down, which includes an SME working capital loan and a temporary bridging loan.
The company is currently engaging the bank to release the earmarked amount for its capital working purposes.
To this end, No Signboard Holdings has appointed Deloitte & Touche as its financial advisor to assist with the company’s restructuring.
“With the assistance of professional advisers, the group will continue to take steps to manage its costs, including reviewing and implementing various cost-cutting and cost control measures. It will further actively explore additional fund-raising activities, including possible financial support from its substantial shareholders as well as source for potential investment interest,” says No Signboard Holdings in a Jan 24 statement.
Shares in No Signboard Holdings last traded at 3.1 cents on Jan 18, before its request for a trading halt on Jan 19.
Photo: The Edge Singapore