Shares of No Signboard have been suspended since January 2022 after the restaurant operator said it unable to demonstrate its ability to “continue as a going concern”. SINGAPORE: Since troubled restaurant operator No Signboard suspended trading of its shares two years ago, retail investors like Mr TL Loke have been left wondering what will happen to their investments.
In January 2022, it said it was unable to demonstrate its ability to “continue as a going concern” after being hit hard by the COVID-19 pandemic, and requested a trading suspension. The investor advocacy group said it has been actively “engaging both sides, with a view to settle all outstanding issues” so that the company can get back on its feet.
Apart from nosignboard Sheng Jian, No Signboard currently operates two other food and beverage outlets in Singapore – a No Signboard seafood restaurant in Geylang and Little Sheep Hotpot at Orchard Gateway. “If goes smoothly, I believe we can see some profit very soon,” said non-executive director Alvin Tan.
Following the implementation of the deal, Gazelle Ventures will hold 75 per cent of the enlarged share capital of the company. The additional convertible shares, however, can push up its stake to about 82 per cent, Mr Lim said, in response to a retail investor's question during the question-and-answer segment.
A rights issue is when a company offers existing shareholders the chance to buy additional shares in the firm. “What we’ve done is we took a leap of faith. We’ve invested a large sum of money into this company and so we are sitting in the same position as you,” the interim CEO said.