No Signboard applies for AGM deadline extension

CATALIST-LISTED seafood restaurant operator No Signboard Holdings has applied for a two-month extension to hold its annual general meeting (AGM) for the financial year ended Sept 30, 2019, as an independent review conducted at the directive of the Singapore Exchange Regulation is ongoing, the firm said on Monday night.

No Signboard has applied for the extension to hold its AGM by Mar 30, and will apply to the Accounting and Corporate Regulatory Authority for extensions of time for its AGM and the filing of its annual return.

"The independent review is still in progress and the company is working with the relevant parties to finalise the independent review," said No Signboard. "As such, more time is required for the external auditors of the company to review, assess and conclude the group's financial statements for FY2019, and for the company to finalise the annual report for FY2019."

Independent reviewer Nexia TS Public Accounting Corporation is reviewing the appropriateness of No Signboard's adoption of actual group accounting principles for its unaudited group financial statements for the first three quarters of 2018, and whether the statements were prepared in accordance with the Singapore Financial Reporting Standards.

On Monday, No Signboard said the AGM extension will provide more time for the relevant parties to work towards the finalisation and issuance of the independent review, which will give shareholders more clarity about the group's financial position in the first three quarters of 2018, before the AGM.

No Signboard said it will update shareholders on the outcome of the extension applications in due course.

No Signboard shares closed down 0.1 Singapore cent or 1.92 per cent to 5.1 cents on Monday before the announcement.