No Signboard to resume trading on March 15
Navene Elangovan
RESTAURANT operator No Signboard will resume trading when the market opens on Friday (Mar 15), more than two years after it voluntarily suspended its trading.
In a bourse update on Thursday, the Catalist-listed company said that Singapore Exchange Regulation (SGX RegCo) gave it the go-ahead to resume trading as it had satisfied the necessary conditions to do so.
These conditions included seeking a legal opinion on the validity of the resolutions passed at the group’s November 2022 extraordinary general meeting, and disclosing pro forma financial statements in relation to the acquisition of a new catering service business.
This week, the company, which has been embroiled in a series of lawsuits, also outlined its plans for the near-term, including consolidating its shares six to one.
The record date for the consolidation will be Mar 21 at 5 pm.
Trading in the consolidated shares will take place in board lots of 100 consolidated shares at 9 am on Mar 20 – the effective trading date.
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No Signboard shares have been suspended since Jan 24, 2022, when it traded at S$0.031, down from its initial public offering price of S$0.28.
The group suspended its trading after it was unable to show that it could continue as a going concern.
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