Troubled No Signboard enters deal for rescue financing from family office investor

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.

Troubled No Signboard Holdings has entered a deal with a family office-owned venture for an investment of as much as S$5 million in exchange for a 75 percent stake in the iconic Singapore chilli crab restauranteur, according to a filing to SGX Sunday.

Under the memorandum of understanding (MOU), Gazelle Ventures will subscribe for new shares giving it 75 percent of No Signboard’s enlarged share capital for S$500,000, the filing said.

In addition, Gazelle Ventures will provide an additional investment of S$4.5 million via either debt or equity to be used for working capital purposes, No Signboard said.

Emergency funding of S$450,000 will also be provided as rescue financing, the filing said.

Gazelle Ventures is a Singapore-based investor in food, agri-tech and sustainable agriculture-related businesses, the filing said. The investor is jointly owned by Singapore-based family office Gazelle Capital and Hong Kong-based boutique family office Valiant Investments, the filing said.

The investment is subject to conditions, including No Signboard successfully applying for “super priority status” for the rescue financing as well as due diligence, the filing said.

Gazelle Ventures will be allowed to appoint two directors to the board, the filing said.