No Signboard suspends shares as going concern in question

The No Signboard Seafood outlet at VivoCity mall in Singapore; taken in 2018.The No Signboard Seafood outlet at VivoCity mall in Singapore; taken in 2018.

No Signboard Holdings suspended trading in its shares as it is unable to show it can continue as a going concern, the iconic Singapore chilli crab restauranteur said in a filing to SGX Monday. 

The company’s fiscal 2021 financial statements had been prepared on a going concern basis, in part by assuming a placement of 77.78 million new shares to raise S$3.5 million would proceed, but the deal was terminated earlier this month. 

In response to queries from SGX, No Signboard said it is talks with the company’s substantial shareholders for financial support. 

“As the discussions are still ongoing and with the continued challenges in the operating environment of the local food and beverage industry (including the dining restrictions caused by Covid-19), the board has assessed that the company is unable to demonstrate that it is able to continue as a going concern,” No Signboard said.

The company has appointed Deloitte & Touche Financial Advisory Services as a financial advisor to assist with restructuring to address the going concern and resume share trading, the filing said. 

“With the assistance of professional advisers, the group will continue to take steps to manage its costs, including reviewing and implementing various cost-cutting and cost control measures,” No Signboard said. “It will further actively explore additional fund-raising activities, including possible financial support from its substantial shareholders as well as source for potential investment interest.”