No Signboard enters MOU to receive S$5 million investment
CATALIST-LISTED restaurant operator No Signboard Holdings : 1G6 0% has entered into a non-binding memorandum of understanding (MOU) to receive up to S$5 million in investments from renewable biomass project developer and operator Gazelle Ventures. Under the proposed investment, Gazelle Ventures will also hold a 75 per cent stake in the enlarged share capital of No Signboard through a S$500,000 subscription of new shares.
The remaining S$4,500,000 will be invested by way of a debt or equity instrument. This will be for working capital purposes including but not be limited to the settlement of professional, advisory and success fees on such terms and conditions as may be agreed between the companies, No Signboard said in a bourse filing on Sunday (May 1).
Gazelle Ventures will also provide S$450,000 of “rescue financing” which is “subject to the satisfaction of the necessary conditions as agreed between the investor and the company”, the seafood restaurant chain said.
Gazelle Ventures is a Singapore-incorporated company jointly owned by Gazelle Capital and Valiant Investments. It invests in food, agri-tech and sustainable agriculture-related businesses.
In March, No Signboard announced that it would be shutting its Esplanade outlet to reduce costs as the outlet was making losses.
"The closure of the No Signboard Seafood Esplanade outlet will allow the group to focus its efforts and resources on operating the group's casual and quick-serve restaurant outlets until further review of the evolving Covid-19 situation," the company had said.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Shares of No Signboard Holdings have been suspended from trading since Jan 24, 2022.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
Stablecoin issuer Tether invests US$200 million in brain-computer interface company
Yahoo to lay off staff in Singapore as it shifts to content curation
US: Wall St opens higher on megacap strength, Fed verdict awaited
IReit Global occupancy rate grows to 91.5% in Q1
Yen surges against US dollar on suspected intervention