No Signboard announces changes to board effective Jun 14

CATALIST-LISTED restaurant operator No Signboard Holdings : 1G6 0% said its executive director Lim Lay Hoon will step down, effective Jun 14, to focus solely on her role as chief operating officer.

This was in light of the current financial situation of the company, No Signboard said in a bourse filing on Wednesday (Jun 1).

Its non-executive director Su Haijin is also resigning with effect from Jun 14.

This was due to his current and future business, as well as other commitments, which the company said “would make it difficult for him to continue devoting the time and commitment required as a non-executive director of the company”.

The cessation of Lim Lay Hoon will also facilitate the appointment of the nominated directors of Gazelle Ventures to No Signboard’s board, following the super priority financing agreement between the 2 companies.

No Signboard has appointed 2 non-executive directors, Lim Teck-Ean and Tan Keng Tiong, to its board, also effective Jun 14.

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Lim Teck-Ean is chief executive of Gazelle Ventures, while Tan is chief operating officer. Gazelle Ventures is expected to hold a 75 per cent stake in the enlarged share capital of No Signboard upon completion of the proposed investment.

In May, No Signboard said it was extended a lifeline by Gazelle Ventures, which has agreed to invest up to S$5 million in super priority financing into the debt-ridden restaurant operator.

Trading of No Signboard’s shares has been suspended since Jan 24.