lost and cannot find as there is no sign board. Look like price of no sign board will go below IPO price

• Declining revenue and stagnating profitability  - The revenue has been declining for the last 3 years with profitability fluctuating between $6.5m to $9m. The future prospects doesn' t seem exciting. Other than the new causal dining concept, it is tough to visualise at this juncture, how the beer and ready-meal business is able to scale up significantly. As you have seen from the results, the Company has not been able to expand beyond its " No Signboard Seafood" heritage 
• Owners are cashing out  - The owners are cashing out of this IPO. While some may see this as " giving investors" a chance to invest in the business, the fact of the matter is that the owners are selling out at a high valuation and " de-risking" themselves while holding on to a 73% stake. Investors are now taking on the risk of expanding the business into beer and ready meals segment.
• Overseas expansion failures  - The Company tried to expand to Hong Kong, Jakarta and Macau and the experiences had been humbling. They have not been able to crack the markets beyond Singapore. I hope the lessons learnt from these experiences will come in useful when they use the shareholders' funds to expand overseas but the prior forays has been less than encouraging
• Future prospects is unclear  - The beer business is newly acquired and the ready-meals business are untested. As you can see from the pro forma statements, acquiring the beer business has been dilutive to its earnings. I am also not sure why the Company is venturing into beer brewing business as it is highly competitive and dominated by a few big brands that distribute brands such as Heneiken and Tiger
• Other conflict of interest  - Besides the " loss of crown jewel" , the other potential conflict of interest is the Ma2 Shop that operates vending machines selling ready meals in Singapore. The vendor has a 51% stake in Ma2! (see the write up on Mattar Road No Signboard below)
• Unproven track record of OCBC  - It is surprising to see OCBC back in the IPO game as they have not been able to gain any meaningful toe-hold into this business. Let' s see how No Signboard perform in the coming months before we decide if OCBC is back in the IPO business  (For avoidance of doubt - i was referring to OCBC being the sole lead in the Catalist segment) 

• Loss of crown jewel  - I was frankly quite " disturbed" to discover that the restaurant in Geylang is actually owned by the relatives of the founders. This is probably one of the most profitable outlets under No Signboard. The franchise arrangement is new as it was only established on 1 Nov 2017. The franchise fee is only $12,000 a month with no revenue sharing. I will be appalled if No Signboard intend to build up its franchise model using the current arrangement. I would also have preferred they cleaned up this arrangement or acquire the Geylang outlet prior to its IPO. The most " funny" part is that the Company was then " granted" a license to use the premises of Mattar Road No Signboard Seafood Restaurant at $12,000 per month!  That effectively means that franchised outlet is not paying any franchise fee at all... now it leaves a big question mark in my head!!  Assuming each outlet produces a net profit of at least $2.6m (and my gut feel is that the Geylang outlet is one of the most profitable outlet), it effectively allows the crown jewel to enjoy the benefits of the " brand" without having to pay any royalty fees. The fact that the Company has the right of first refusal to future sale of this outlet is of no comfort to me! Can the Independent directors address this concern please?