KITCHEN Culture’s new board aims to hold an extraordinary general meeting to formally appoint a new external auditor by the third quarter of 2023.

The kitchen solutions provider on Monday (Jul 7) addressed a slew of outstanding legacy issues it took over from the previous board before a personnel change took effect on Jun 26.

Kitchen Culture now targets to convene its FY2022 annual general meeting (AGM), while also releasing its financial results for all quarters of FY2023, by Q1 of 2024.

To “make good the previous lapses and eventually bring the company’s financial reporting up to speed” with timelines under Catalist listing rules, the company is seeking to hold its FY2023 AGM and release its first quarter financial results for FY2024 by Q2 of 2024.

Kitchen Culture said its latest settlement with CDL Properties regarding overdue rental arrears would mitigate the risk of penalties from occupying CDL’s office space with no reinstatement since its eviction in March this year.

The recent completion of its first tranche of a S$3 million drawdown from its S$4 million loan from Asian Accounts Receivable Exchange further provides “some urgently required cashflow” to sustain the company’s operations. This would enable the new boardroom to concurrently negotiate settlement with other creditors, added the company.

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Among other objectives, the board said it is actively pursuing negotiations with creditors to settle all outstanding liabilities in the best interests of the company.

It is also reviewing and seeking legal advice on a S$1.5 million loan agreement which was inked during the previous board’s tenure.

The company said it will consult SGX on the resumption of trading of its securities through its continuing sponsor after resolving all outstanding legacy issues, “with the gradual readiness of the company to continuing to function as a going concern”.

“The multitude of legacy issues, most of them unresolved in the last two years, will need time and effort to resolve and we ask for shareholders’ patience to allow us to work on getting the company back on the path of restoration and growth,” said the board’s chairperson, Hao Dongting.

“We have already made some headway in tackling some of the most urgent issues… and are confident that with the right strategies and execution by the new board, Kitchen Culture will be able to create sustainable growth and long-term shareholder value.”

Shares of Catalist-listed Kitchen Culture : 5TI 0% have been suspended from trading since July 2021.