RESTAURANT operator No Signboard Holdings 1G6 : 1G6 0% has applied for a 2-month extension to hold its annual general meeting (AGM), as well as to issue its annual report and sustainability report for FY2021, and its first-quarter results.

Late last month, the Catalist-listed company had said it was unable to demonstrate that it could continue as a going concern, and requested a voluntary suspension of the trading of its shares.

The group said in a bourse filing on Tuesday (Feb 8) that it needs more time to prepare its cash-flow projection and working capital management, and "develop further clarity" in preparing its FY2021 financial statements. An extension will also give auditors more time to review, assess and complete an audit of the group.

The restaurant operator is seeking to issue its annual and sustainability reports on Mar 16, to push back the AGM to Mar 31, and to announce its Q1 FY2022 results on Apr 14.

No Signboard said the company and its board have been in talks with substantial shareholders for financial support, but the substantial shareholders have not provided any letters of undertaking for financial support as yet.

The group said it has engaged DBS to release an earmarked amount for working capital purposes, and is discussing with its financial advisor on restructuring plans. It is also exploring fund-raising activities and is in talks with potential investors to obtain additional financing for working capital purposes and to maintain the business as a going concern.

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In a bourse filing last week, No Signboard said it has received letters of demand from the landlords of 2 of its fast-food outlets for more than S$176,000 in arrears of rental and other monies owing.

Its shares last traded at S$0.031 on Jan 17; a trading halt was requested on Jan 19.

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