Gazelle Ventures seeks refund of funds provided to No Signboard Holdings

TROUBLED restaurant operator No Signboard Holdings said on Friday (May 26) that it has received a demand for refund of funds from investor Gazelle Ventures.

No Signboard and Gazelle Ventures had entered into an implementation agreement last June, setting out the terms and conditions for the investment of a sum of up to S$5 million in the company. No Signboard has received the full investment amount from Gazelle.

However, the company said in the bourse filing on Friday that the investor is requesting a refund even though the implementation agreement has not been terminated as yet.

No Signboard said the investor was concerned over the risks of leaving such funds with No Signboard given ongoing disputes with controlling shareholder Gugong.

“The investor is concerned that without the implementation agreement being completed, leaving such funds in the company in advance of the completion, and the further delay caused to the trading resumption due to the ongoing disputes referred above, is a risk to the investor,” No Signboard said.

It added that it is in discussion with the investor on its request for refund and will provide updates in due course.

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Shares of No Signboard have been suspended from trading since January 2022.