RESTAURANT operator No Signboard Holdings $ No Signboard: 1G6 0% has applied for a 2-month extension to hold its annual general meeting (AGM), as well as to issue its annual report and sustainability report for FY2021, and its first-quarter results.

 

Late last month, the Catalist-listed company had said it was unable to demonstrate that it could continue as a going concern, and requested a voluntary suspension of the trading of its shares.

 

The group said in a bourse filing on Tuesday (Feb 8) that it needs more time to prepare its cash-flow projection and working capital management, and " develop further clarity" in preparing its FY2021 financial statements. An extension will also give auditors more time to review, assess and complete an audit of the group.

 

The restaurant operator is seeking to issue its annual and sustainability reports on Mar 16, to push back the AGM to Mar 31, and to announce its Q1 FY2022 results on Apr 14.

 

No Signboard said the company and its board have been in talks with substantial shareholders for financial support, but the substantial shareholders have not provided any letters of undertaking for financial support as yet.

 

The group said it has engaged DBS to release an earmarked amount for working capital purposes, and is discussing with its financial advisor on restructuring plans. It is also exploring fund-raising activities and is in talks with potential investors to obtain additional financing for working capital purposes and to maintain the business as a going concern.

 

In a bourse filing last week, No Signboard said it has received letters of demand from the landlords of 2 of its fast-food outlets for more than S$176,000 in arrears of rental and other monies owing.

In a bourse filing last week, No Signboard said it has received letters of demand from the landlords of 2 of its fast-food outlets for more than S$176,000 in arrears of rental and other monies owing.


 

RESTAURANT operator No Signboard has received letters of demand from the landlords of 2 of its fast-food outlets, for more than S$176,000 in arrears of rental and other monies owing.

 

Its board is of the view that these claims will have a material adverse impact on the group' s financial position and performance, No Signboard $ No Signboard: 1G6 0% said in a bourse filing on Thursday (Feb 3) night.

 

It added that the landlords have each threatened legal proceedings if the group fails to pay the sums.

 

Last week, the Catalist-listed firm had said it was unable to demonstrate that it could continue as a going concern, and requested a voluntary suspension of the trading of its shares.

 

One of the letters of demand, for the sum of S$12,161.10, came from the lawyers of Frasers Property Centrepoint, which is the landlord of The Centrepoint Singapore. No Signboard said its wholly-owned subsidiary Hawker QSR occupies a unit at the basement level of the Orchard Road shopping mall.

 

The other letter was for the sum of S$163,965.56, from lawyers acting for Milano Central, the landlord of the premises including provisional unit #01-37 at 10 Paya Lebar Road, PLQ Mall, Paya Lebar Quarter. Hawker QSR also occupies this space.

 

The group' s website lists 2 of its Mom' s Touch Chicken & Burger fast-food restaurants with those addresses.

 

No Signboard on Thursday said it has retained Rajah & Tann Singapore as counsel to advise the group on these claims, among other things.