SHARES of tumbled on Friday (Mar 15) morning, as the restaurant operator resumed trading more than two years after it first called for a voluntary suspension.

 

As at 9 am, the counter fell as much as 90.3 per cent or S$0.028 to S$0.003 after 500 million securities changed hands.

 

It later clawed back to S$0.012, down 61.3 per cent or S$0.019, as at 9.22 am with some 1.4 million shares moved. 

 

No married deals took place in early trade, according to ShareInvestor data.

 

The see-sawing of No Signboard&rsquo s share price comes as the group announced on Thursday that the Singapore Exchange Regulation gave it the go-ahead to resume trading, as it had satisfied the necessary conditions to do so.

 

Conditions included seeking a legal opinion on the validity of the resolutions passed at the group&rsquo s November 2022 extraordinary general meeting, and disclosing pro forma financial statements in relation to the acquisition of a new catering service business.

 

This week, the company, which has been embroiled in a series of lawsuits, also outlined its plans for the near term, including consolidating its shares six to one.

 

Its trading resumption comes ahead of the record date for the consolidation, which will take place on Mar 21 at 5 pm.

 

Trading in the consolidated shares will take place in board lots of 100 consolidated shares at 9 am on Mar 20 &ndash the effective trading date.

 

TOP executives of beleaguered restaurant operator No Signboard : 1G6 0% on Wednesday (Mar 13) outlined their plans for the company in the near term.

 

These include the resumption of trading of shares in about a week and a six-to-one share consolidation.

 

Speaking at a dialogue organised by the Securities Investors Association (Singapore) or Sias, No Signboard&rsquo s interim chief executive Lim Teck-Ean referred to a bourse announcement on Mar 12 that the Singapore Exchange has not objected to the company&rsquo s trading resumption proposal, on the proviso that it meets a number of disclosures. 

 

He said these conditions have been fulfilled by the company. In response to a question from Sias chief executive David Gerald on how soon the stock will resume trading, Lim said the company is looking to have the shares resume trading on the Singapore stock market by the next seven days. 

 

No Signboard is looking to do a six-to-one share consolidation, ideally after the resumption of trading, Lim said. However, he warned the exact timeline will depend on the regulator&rsquo s approval and conditions. 

 

Following the consolidation and issuance of shares to the company&rsquo s white-knight investor Gazelle Ventures, No Signboard&rsquo s issued share capital will stand at 300 million, executives said. 

 

Lim shed more light on his plans for the company. He said organic growth is one priority, utilising the company&rsquo s existing brands in its portfolio and growing and restructuring these brands to make them profitable and streamlined. 

 

Another priority is external growth, he said, which No Signboard&rsquo s board hopes to &ldquo ramp up in the next couple of years&rdquo in a bid to increase the group&rsquo s industry participation in different segments. The end goal, Lim added, is to ensure that No Signboard is &ldquo not just a local brand&rdquo .

 

He said the company is in talks with &ldquo no fewer than six to seven parties&rdquo regarding mergers and acquisitions. This, he said, is the quickest way for the company to improve its profitability. 

 

No Signboard and its controlling shareholder GuGong have had a number of disagreements, some of which have led to both parties battling it out in court. 

 

Gerald asked No Signboard&rsquo s executives if the company&rsquo s board and management team are looking at options to deal with these conflicts &ldquo amicably&rdquo . 

 

Lead independent director Lo Kim Seng said the company is definitely doing so. 

 

&ldquo The board wants to focus on growing the business, and not spend its time, effort and money on disputes. So it is in the interests of the company for us to, as much as possible, find a solution where both parties are happy, and the company can be left alone (to grow) the business,&rdquo said Lo.

 

In response to a query on the potential for No Signboard to pay out dividends, and how much it intends to pay out, Lim said the company does not have a formal dividend policy in place yet but is looking to put one out there in the current financial year. 

 

The company will &ldquo look to give out as much of its free cash flow as possible&rdquo , he added, so long as the amount in question is not needed for growth and expansion. 

 

No Signboard executives faced pointed questions from shareholders, some of whom had bought into the company during its initial public offering and have since suffered heavy losses. 

 

One shareholder asked for details on the stake that Gazelle Ventures will hold, and the price that it had acquired these shares at. Lim said following the implementation agreement, Gazelle will hold 75 per cent of the enlarged share capital of the company. However, there are additional convertible shares that can push up its stake to about 82.5 per cent. 

 

He also said there was no price, as the investment was based on a commercial agreement. There will be a moratorium period of six months, he said, where Gazelle cannot sell or transfer these shares. The convertible shares also are non-interest bearing in nature, Lim added. 

 

The shareholder also asked if the litigation and court proceedings that No Signboard is involved in have been resolved. Lo said the company is trying to resolve the issue. 

 

In terms of impairments, chief financial officer Lok Pei San said the company has written off most of its assets, and that there is not much else that can book impairments. 

 

Another shareholder asked if No Signboard intends to call for a rights issue, which would mean that investors need to part with more money. 

 

The shareholder asked: &ldquo After (the share consolidation), everything is peanuts. Existing shareholders have lost everything. How can you reassure me that when I walk out, I won&rsquo t need to give you more money?&rdquo

 

Executives declined to comment on whether there is a rights issue in the works, citing commercial sensitivities and listing rules. Lim said the board is &ldquo sitting in the same position&rdquo as shareholders. 

 

&ldquo At this point, we can&rsquo t answer that question (on any rights issues),&rdquo he said. &ldquo Whatever the means for us to raise funds, shareholders will be notified in advance.&rdquo

 

Another shareholder asked the executives what went wrong with the company that had its roots initially in a type of local luxury dining or restaurant business model. 

 

&ldquo It is a horrible situation,&rdquo the shareholder said in reference to the white-knight investor and several problems that have taken place. 

 

Lim replied that none of the management personnel that are at the helm of the company were there when things first went awry. However, he said that in his view, the company and its operations were &ldquo not properly thought out, not properly run and not properly funded&rdquo .

 

The group' s shares have been suspended from trading since January 2022. 

on Tuesday (Mar 12) said that the Singapore Exchange has not objected to its trading-resumption proposal, subject to the satisfaction of a string of conditions.

 

The food and beverage player said it has to make the following disclosures in order to have its shares traded:

 

A legal opinion on the validity of the resolutions passed during the group&rsquo s November 2022 extraordinary general meeting

Pro-forma financial statements in relation to the acquisition of a new business that provides catering services to clients at various industrial sites in Singapore

The board&rsquo s opinion on the group&rsquo s ability to operate as a going concern and the bases for such an opinion

Confirmations from the board and the sponsor, with supporting bases, that the working capital available to the group is sufficient for its present requirements and for at least 12 months after the date the company&rsquo s shares resume trading

The board&rsquo s confirmation that sufficient information has been disclosed to enable the company&rsquo s shares to be traded in a fair and orderly manner upon the lifting of the suspension, and the bases for its views.

No Signboard noted that it is required to seek approval from the Singapore Exchange Regulation on the trading resumption date, once the conditions have been fulfilled.

 

In January 2022, the group was unable to demonstrate that it could continue as a going concern, and its shares have been suspended from trading since.

 

NO SIGNBOARD Holdings : 1G6 0% is of the preliminary view that no action would have to be taken against Lim Teck-Ean.

 

This comes after it having been legally advised with regard to allegations that the interim chief executive officer had breached his fiduciary duties, the food and beverage player said on Monday (Mar 11).

 

In a regulatory filing, the company &ndash whose shares have been suspended since January 2022 as it was unable to demonstrate that it can continue as a going concern &ndash said that it continues to investigate the allegations and will update shareholders when there are material developments.

 

Controlling shareholder GuGong served the company and its board a notice on Feb 23 about bringing an action against Lim by Mar 11 over allegations that he had breached his fiduciary duties to the company, including in the S$1.2 million acquisition of a 60 per cent stake in caterer Dining Haus.

 

Lim Yong Sim was not served the notice as he had been placed on a leave of absence as executive chairman and CEO since August 2023, after being charged with share-price rigging offences. GuGong counts him and former chief operating officer Lim Lay Hoon as directors and shareholders.

RESTAURANT operator No Signboard Holdings will be having a dialogue session for shareholders with the Securities Investors Association (Singapore) or Sias on Wednesday (Mar 13).

 

The in-person session will be held from 7.30 pm to 8.30 pm at Suntec Singapore Convention & Exhibition Centre. Sias founder and chief executive David Gerald, who organised the session, will be the moderator.

 

Last month, the company was served a notice from its largest shareholder GuGong alleging that interim chief executive Lim Teck-Ean breached his fiduciary duties to the company, especially in relation to the acquisition of Dining Haus.

 

Shares of No Signboard have been suspended from trading since January 2022, as it was unable to demonstrate that it can continue as a going concern.

 

SEAFOOD restaurant operator No Signboard : 1G6 0% has been served a notice by its controlling shareholder GuGong, alleging that the group&rsquo s interim chief executive Lim Teck-Ean had breached his fiduciary duties to the company.

 

The breach, one of the allegations in the notice, is in relation to the proposed acquisition of a 60 per cent stake in catering business Dining Haus for S$1.2 million, said the group in a bourse filing on Thursday (Feb 29).

 

The notice was served on Feb 23, and requested that the board &ndash excluding executive chairman and CEO Lim Yong Sim &ndash bring an action against Lim Teck-Ean by Mar 11.

 

Lim Yong Sim was excluded as he was placed on a leave of absence in August 2023, after being charged with share-price rigging offences.

 

No Signboard&rsquo s board said it views the allegations &ldquo very seriously&rdquo and is looking into them.

 

&ldquo The board is in process of obtaining legal advice on this matter and will update shareholders when there are material developments,&rdquo said the group.

 

In January, the company announced it had entered into a share sale and purchase agreement with Chia Shu Sian &ndash chief executive officer of Dining Haus &ndash and No Signboard&rsquo s investor Gazelle Ventures, for 60 per cent of the entire issued and paid up capital of Dining Haus.

 

The acquisition was completed on Feb 15, the group said.

 

An earlier report by The Business Times noted that Lim Teck-Ean is a substantial shareholder in Gazelle Ventures, a white knight investor that has offered investments into No Signboard, as well as supported acquisitions.

 

He was also the chief executive of Gazelle Ventures until August last year, when he was appointed interim CEO and re-designated as an executive director after Lim Yong Sim was placed on a leave of absence.

 

Gazelle Ventures has so far given No Signboard an advance deposit of S$5 million. On Feb 8, it agreed to provide additional funds into an escrow account to ensure sufficient working capital for the group, as part of a wider growth plan and to allow No Signboard&rsquo s counter to resume trading.

 

Shares of the company have been suspended from trading since Jan 24, 2022.

BOTH the Accounting and Corporate Regulatory Authority (Acra) and the Singapore Exchange (SGX) have rejected No Signboard Holdings&rsquo application for an extension of time to hold its annual general meeting (AGM).

 

The company said in a bourse filing on Friday (Feb 23) that the exchange had notified it that there are &ldquo no extenuating reasons to grant the waivers&rdquo .

 

No Signboard also said in a separate filing that chairman and director Lim Yong Sim has written to the board to state that he &ldquo strongly disagrees to any further postponement of the company&rsquo s AGM&rdquo .

 

Lim said he has taken the position that the company &ldquo has no basis to continue depriving shareholders of the right to hold the board and management accountable for the current business and financial affairs of the group&rdquo . 

 

The company said it disagrees with Lim&rsquo s depiction that it is depriving shareholders of their rights.

 

Last month, the company sought for an extension from Acra and SGX to hold its AGM for the financial year ended September 2023 by Jun 16, 2024. It also sought for more time to issue its annual report, sustainability report, as well as its financial statements.

 

SGX has informed the company that it reserves the right to take any action for breaches of Catalist rules, and has urged the board to take immediate action to hold the AGM and issue the relevant reports as soon as possible.

 

&ldquo The company remains fully committed to holding its AGM for FY2023 as soon as practicable and has been working with the auditors to expedite the completion of its audit so that it can do so,&rdquo No Signboard said. It added it intends to submit an appeal to Acra to ensure that it will not be in breach of any regulatory requirements. 

 

Shares of No Signboard have been suspended from trading since January 2022.

BELEAGUERED No Signboard could run the risk of a potential conflict of interest, as interim chief executive Lim Teck-Ean is also a substantial shareholder in white knight investor Gazelle Ventures, a source with knowledge of the restaurant operator&rsquo s corporate affairs told The Business Times.

 

Gazelle Ventures has offered investments into No Signboard, as well as support for its acquisitions and the stock&rsquo s resumption of trading.

 

According to a Jan 15 filing from the Accounting and Corporate Regulatory Authority (Acra), Lim is currently a director of Gazelle Ventures, and was appointed on Sep 27, 2012. He had stepped down as chief executive of Gazelle Ventures when he assumed the role of head honcho at No Signboard. 

 

Gazelle Ventures is a Singapore-incorporated company jointly owned by Gazelle Capital and Valiant Investments. Each of the two entities owns half of Gazelle Ventures. 

 

An Acra filing dated Jan 16 indicated that Lim Teck-Ean owns two million shares in Gazelle Capital, translating to a 50 per cent stake in the entity&rsquo s share capital of four million shares. The remaining two million shares are owned by one Lim Su-Lynn. 

 

The fact that Lim Teck-Ean owned a lion&rsquo s share of Gazelle Capital &ndash and, by extension, Gazelle Ventures &ndash was first made known in detail to shareholders in a lengthy 79-page circular on Nov 8, 2022, regarding an extraordinary general meeting.

 

Lim Teck-Ean was appointed as No Signboard&rsquo s interim CEO in October 2023, after then-executive chairman and CEO Sam Lim Yong Sim was charged with share-price rigging offences and suspended from his executive duties.

 

In a bourse filing when he was first appointed to the company&rsquo s board as a non-executive director in May 2022, No Signboard disclosed that Lim Teck-Ean is &ldquo one of the beneficial owners of Gazelle&rdquo .

 

The source said Gazelle&rsquo s involvement with No Signboard could potentially be viewed as a transaction with a conflict of interest. Even though Lim Teck-Ean has stepped down as chief executive of Gazelle, he remains on the board. 

 

Meanwhile, as CEO of No Signboard, he is at the forefront of the company&rsquo s corporate decisions and strategic direction. Lim Teck-Ean, along with other directors, also holds the key to deciding on any investor the Singapore-listed company will work with.

 

The source also noted that No Signboard&rsquo s directors &ndash with the exception of Sam Lim Yong Sim, who has been put on leave of absence &ndash do not own any shares in the company.

 

Investments, or loans?

Gazelle so far has given No Signboard an advance deposit of S$5 million. The company said last week that it will provide the company with additional funds through an escrow account. 

 

Of the S$5 million, S$500,000 will be through the subscription of new shares that will make up 75 per cent of No Signboard&rsquo s enlarged share capital. 

 

But with the shares of No Signboard suspended from trading for over two years now, this investment has been classified under the company&rsquo s loans and borrowings segment in its Q4 FY2023 financial statement. 

 

The company&rsquo s advance deposits for the quarter came in at S$4.55 million, while loans from super-priority financing stood at S$450,000. No Signboard said in its financial statements that these two amounts came from Gazelle. 

 

It appears likely that any money Gazelle gives to No Signboard &ndash before the counter starts trading on SGX again &ndash will be classified as a loan. This will do little more than to increase the company&rsquo s liabilities, and push up its debt or gearing levels especially against a stagnant or depleting assets tally. 

 

Against higher interest rates, investors should also be mindful that No Signboard has other loan obligations to fulfil. 

 

In its latest financial statement, the company said it has reached an agreement with OCBC on the terms of repayment of an outstanding bank loan &ndash comprising the principal amount of about S$2.1 million and any contractual interests incurred. The first repayment will commence after the stock resumes trading. 

RESTAURANT operator said on Thursday (Feb 8) that its investor Gazelle Ventures has agreed to provide additional funds into an escrow account to ensure sufficient working capital for the company.

 

This comes as part of a wider growth plan and for No Signboard&rsquo s counter to resume trading.

 

These funds would be earmarked for the company&rsquo s general working capital and funding requirements, and other purposes determined by the board and authorised by Gazelle.

 

The struggling restaurant operator provided this update on its proposed plans to resume trading in a bourse filing on Thursday.

 

Besides additional capital injection, No Signboard said it is also still in the process of completing the acquisition of a 60 per cent stake in Dining Haus, a company that provides institutional catering services to clients at industrial sites in Singapore.

 

No Signboard, along with its investor, had entered into a sale-and-purchase agreement with Dining Haus chief executive officer Chia Shu Sian on Jan 10, 2024.

 

It had also entered into an agreement with its lender, OCBC, for the company to start repaying its outstanding loan only after its shares resume trading. The loan consists of a principal amount of S$2.125 million, in addition to interest incurred.

 

No Signboard said the completion of the S$5 million investment from Gazelle, the resumption of trading, and additional capital via an escrow account will ensure that the company will continue to operate as a going concern.

 

Trading in the shares of the Catalist-listed company has been suspended since Jan 24, 2022.

 

AS PART of No Signboard&rsquo s annual report release last Friday (Jan 19), the company&rsquo s auditor, PKF-CAP, flagged uncertainty over the company&rsquo s ability to continue as a going concern.

 

The auditor noted that the company posted a net loss of S$4.7 million for the financial year ended Sep 30, 2022, with net cash outflow from operating activities of S$982,000.

 

In addition, it noted that the company&rsquo s current liabilities exceeded current assets by S$6.6 million, while total liabilities exceeded total assets by S$7.1 million as at Sep 30, 2022.

 

The net current liabilities included bank borrowings of S$2.1 million that were reclassified from non-current to current as the company defaulted on monthly repayments due to insufficient funds.

 

&ldquo These factors indicate the existence of a material uncertainty that may cast significant doubt on the group&rsquo s and company&rsquo s ability to continue as going concerns,&rdquo the auditor said.

 

However, the company&rsquo s board remains confident that the memorandum of understanding (MOU) signed between the company and Gazelle Ventures for up to S$5 million in investments as well as its restructuring exercise will help it generate cashflows from operations, and meet the company&rsquo s and group&rsquo s working capital requirements, and to operate as going concerns.

 

The company had earlier entered into a MOU with Gazelle Ventures for S$5 million, of which S$500,000 would be secured through subscription of new ordinary shares representing 75 per cent of the enlarged issued and paid-up share capital of the company. The remaining S$4.5 million would be provided through a convertible instrument.

 

The auditor also noted that the company&rsquo s executive chairman is under investigation by the Commercial Affairs Department for the abortive share buyback executed by the company&rsquo s chief executive in 2019.

 

It added that the board of directors and management have assessed the matter and concluded that it will not have a significant impact on the company&rsquo s financial statements.

 

As part of the company&rsquo s audit, PKF-CAP also identified indicators of impairment in the company&rsquo s related right-of-use assets as well as plant and equipment at the company&rsquo s restaurants.

 

This led to an impairment charge of S$1.4 million and S$807,564 on the company&rsquo s right-of-use assets and plant and equipment respectively after the outcome of impairment tests.

 

The auditor considered this a key audit matter given the heightened level of estimation uncertainty associated with current market conditions, and the significant management judgement involved in determining the recoverable amounts for the assets.

 

As at Sep 30, 2022, the group&rsquo s right-of-use assets and plant and equipment were S$136,388 and S$438,177 respectively, representing 11.1 per cent and 35.5 per cent of the group&rsquo s total assets respectively.

 

No Signboard shares have been suspended since Jan 24, 2022.

RESTAURANT operator No Signboard : 1G6 0% has proposed to acquire a majority stake in catering firm Dining Haus for S$1.2 million, the company said in a bourse filing on Wednesday (Jan 10).

 

The company has entered into a share sale and purchase agreement with Chia Shu Sian &ndash chief executive officer of Dining Haus &ndash and No Signboard&rsquo s investor Gazelle Ventures, for the proposed acquisition of 60 per cent of the entire issued and paid-up capital of Dining Haus.

 

In connection with the proposed acquisition, No Signboard has also entered into a shareholders&rsquo agreement with Chia. The purpose of the agreement is to regulate the relationship between Dining Haus&rsquo shareholders to set out the basis in which Dining Haus&rsquo business affairs will be managed and controlled as well as to provide for shareholders&rsquo rights and duties.

 

Chia owns the entire issued and paid-up capital of Dining Haus and Eat What, a company that provides institutional catering services to clients at industrial sites in Singapore.

 

According to its website, Dining Haus is an institutional catering and staff cafeteria management company.

 

It is a private company incorporated on Sep 14, 2022, with an issued and paid-up share capital of S$100,000 comprising 100,000 ordinary shares. As a newly incorporated entity, it does not have prior financials relating to the business and assets to be acquired, noted No Signboard.

 

The intention is therefore for Dining Haus to acquire the business and assets of Eat What, prior to the acquisition being completed, said No Signboard. It added that the transfer of Eat What&rsquo s business to Dining Haus will be a condition precedent to the completion of its proposed acquisition.

 

This would involve, for instance, the transfer of Eat What&rsquo s customer contracts, business assets, financial records and business goodwill to Dining Haus. But none of Eat What&rsquo s liabilities, tax liabilities and bank balances will be transferred to No Signboard, it added.

 

No Signboard will fund the acquisition with capital from an implementation agreement it had signed with Gazelle in July 2022. The agreement saw Gazelle invest up to S$5 million in the restaurant operator to support its activities.

 

However, should this implementation agreement be terminated for any reason, all rights, benefits and liabilities due to No Signboard under the sale and purchase agreement shall automatically be transferred without further action to Gazelle.

 

The consideration was determined based on arm&rsquo s length negotiations and arrived at on a willing buyer and willing seller basis. Key factors that were taken into consideration by both parties include Dining Haus&rsquo potential earnings and growth prospects, as well as its existing customers on hand, said No Signboard.

 

Trading in No Signboard&rsquo s shares has been suspended since January 2022.

RESTAURANT operator No Signboard on Tuesday (Nov 28) posted a net loss of S$423,205 for the third fiscal quarter ended June, significantly narrower than the net loss of about S$1.3 million in the corresponding year-ago period. 

 

This took the company&rsquo s losses for the nine-month period to about S$1.2 million, versus S$2.2 million in the year ago.

 

The latest financial update comes just days after the group announced its financial results for the first half of the year on Nov 23. 

 

Revenue for the quarter was down 36.9 per cent to S$625,308 from S$991,106. For the nine months so far this fiscal year, the group said it had no sales contributions from certain seafood restaurants due to the closure of its Vivocity and Esplanade outlets in November 2021 and March 2022. 

 

The group said there were also no sales from quick-serve restaurants for the year to date due to the closure of its Mom&rsquo s Touch outlets, and the subsidiary Hawker QSR which was placed under voluntary creditors&rsquo liquidation in February last year. 

 

The group&rsquo s top line also took a hit from Danish Breweries being put under voluntary creditors&rsquo liquidation, and lower sales from its remaining outlets &ndash Little Sheep Hotpot at Orchard Gateway and nosignboard Shen Jian at Northpoint &ndash due to lower consumer demand. 

 

Despite the weaker revenue, bottom line figures were buoyed by declines in raw materials and consumables used and a fall in inventories. Other factors that helped the group narrow its losses included lower depreciation and amortisation expenses and impairments of plants and equipment. 

 

Looking ahead, No Signboard said it expects the operating environment of the local food and beverage industry to remain challenging in the next 12 months, due to higher operating and manpower costs that will adversely hit profit margins. 

 

The company said its &ldquo urgent priorities&rdquo are to complete its restructuring exercise and the proposed investment, and to resume the trading of its shares on the Singapore Exchange &ldquo as soon as possible&rdquo . 

 

&ldquo In the meantime, the group is preserving its cash to support working capital requirements, continue to keep operating costs low and to ensure that the group has sufficient resources to tide through this period,&rdquo No Signboard added. 

RESTAURANT operator No Signboard (NSB) said investor Gazelle Ventures remains committed to the company&rsquo s efforts to resume trading and has also withdrawn its request for a return of funds.

 

The Catalist-listed company made the statement in a clarification announcement filed on the bourse late Friday (Nov 24).

 

It said that Gazelle &ldquo remains committed to the company&rsquo s efforts in obtaining a resumption of trading&rdquo and had provided &ldquo several undertakings&rdquo to NSB in connection with its trading resumption proposal submitted to the Singapore Exchange on Sep 27.

 

These include the entering of a side letter between NSB and Gazelle on Jul 27 confirming their mutual intention for the extension of the deadline from Dec 30, 2022 to Dec 30, 2023 for the completion of their implementation agreement.

 

Under that agreement announced in July 2022, Gazelle paid an initial S$500,000 in exchange for new shares in NSB and invested another S$4.5 million in the company through the subscription of convertible redeemable preference shares, for a full investment amount of S$5 million.

 

As reported by The Business Times, in May this year Gazelle sent NSB a letter of demand for a refund of S$5 million in funds disbursed to it, citing concerns over the risks of leaving such funds with the company given its ongoing disputes with GuGong, NSB&rsquo s controlling shareholder.

 

In its clarification, NSB pointed out that Gazelle has withdrawn its request for the refund and that Gazelle has also agreed to release an aggregate amount of approximately S$150,000 out of the full investment amount in order to pay the salaries of NSB&rsquo s employees, landlords and other creditors.

 

NSB also highlighted that Gazelle had entered into a deed of undertaking in favour of it on Sep 9. Under the terms of the deed, Gazelle will be obligated to indemnify the company for certain relevant losses incurred by the company subject to certain conditions, including the obtaining of the trading resumption.

 

&ldquo (Both NSB and Gazelle) have been working together closely towards a resumption of trade&hellip and will keep shareholders updated as and when there are any material developments,&rdquo said the announcement.

 

Gazelle had earlier sought a precautionary injunction against the three parties to stop them from passing resolutions requisitioned by GuGong. These include, among other things, a resolution to replace all of No Signboard&rsquo s current directors.

 

On Nov 20, the Singapore High Court ruled in favour of NSB, its chief executive officer and chairman Lim Yong Sim, and GuGong, in their dispute against Gazelle Ventures.