No Signboard to resume trading, subject to conditions

NO SIGNBOARD on Tuesday (Mar 12) said that the Singapore Exchange has not objected to its trading-resumption proposal, subject to the satisfaction of a string of conditions.

The food and beverage player said it has to make the following disclosures in order to have its shares traded:

• A legal opinion on the validity of the resolutions passed during the group’s November 2022 extraordinary general meeting;
• Pro-forma financial statements in relation to the acquisition of a new business that provides catering services to clients at various industrial sites in Singapore;
• The board’s opinion on the group’s ability to operate as a going concern and the bases for such an opinion;
• Confirmations from the board and the sponsor, with supporting bases, that the working capital available to the group is sufficient for its present requirements and for at least 12 months after the date the company’s shares resume trading;
• The board’s confirmation that sufficient information has been disclosed to enable the company’s shares to be traded in a fair and orderly manner upon the lifting of the suspension, and the bases for its views.

No Signboard noted that it is required to seek approval from the Singapore Exchange Regulation on the trading resumption date, once the conditions have been fulfilled.

In January 2022, the group was unable to demonstrate that it could continue as a going concern, and its shares have been suspended from trading since.