S'pore restaurant operator No Signboard Holding to resume trading on SGX

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No Signboard Holding has received approval from Singapore's market regulator to resume trading, according to an announcement dated Mar. 13, 2024.

The restaurant operator had its share trading suspended for two years.

A 6:1 share consolidation exercise, which was approved by shareholders in Nov. 2022, will take place on Mar. 22.

During the exercise, every six shares a No Signboard investor owns will be consolidated into one share, and fractional entitlements will be disregarded.

Shareholders who own less than six shares may eventually forfeit their role.

The consolidated shares are expected to resume trading on the Singapore Exchange (SGX) Catalist board by Mar. 20 with lots of 100 shares on board.

The number of consolidated shares No Signboard shareholders are entitled to, rounded down to the nearest whole share, will be based on their holdings as of Mar. 21.

Suspending of shares

Shares of No Signboard have been suspended since Jan. 22 after the company reported a net loss of S$400,000, or a loss of S$0.09 on a per-share basis, and a revenue of S$700,000 for the second quarter of the 2023 financial year.

The operator said that the net loss stemmed from the closure of its seafood restaurant outlets at Vivocity in Nov. 2021 and at the Esplanade in Apr. 2022.

Hence, the company was unable to demonstrate its ability to continue operating after the Covid-19 pandemic and requested a trading suspension.

The shares last traded at 3.1 cents before they were suspended.

Former CEO charged

No Signboard's former CEO, Lim Yong Sim, was charged on Jul. 27, 2023, with three counts of false trading and market rigging.

He was accused of placing orders for No Signboard Holdings shares to push up or support the prices.

Moving forward

Speaking to retail investors on Mar. 13, No Signboard’s interim chief executive Lim Teck Ean said the company had met the conditions laid out by S...

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