No Signboard says independent reviewer does not object to CFO departure

SEAFOOD restaurant operator No Signboard told the Singapore Exchange (SGX) that its independent reviewer, Nexia TS Public Accounting Corporation, has no objections to former group chief financial officer (CFO) Voon Sze Yin leaving the company two days ago.

Ms Voon had on July 1 tendered her resignation as CFO after accepting a new job offer, and she was replaced in the role by Lok Pei San on Monday.

Nexia is conducting an independent review into No Signboard's adoption of Actual Group Accounting Principles. The company had appointed Nexia in July, after SGX gave a directive in March. Among other things, Nexia is reviewing the appropriateness of using the accounting principles for the unaudited group financial statements for Q1 2018 to Q3 2018, and whether the financial statements were prepared in accordance with the Singapore Financial Reporting Standards.

In response to SGX's queries about Ms Voon's departure, No Signboard said on Wednesday that Nexia has given confirmation to the audit committee (AC) and its board that it has no objections and that her departure will not impede the progress of the independent review.

The company added that, even though she has left the company, Ms Voon has given the assurance that she will continue rendering her assistance until the completion of the independent review.

Before her cessation, the company's sponsor, RHT Capital, had asked Ms Voon whether she would be willing to remain as group CFO at least until the completion of the review. However, after discussions, the sponsor, the AC, the board and Ms Voon agreed that she would continue until a "substantial" part of the review had been completed, according to No Signboard on Wednesday. Accordingly, on Sept 30, the AC and the board formally accepted her resignation, to be effective on the same day.

Ms Voon assisted in the review by providing all necessary information and documentation, and Nexia had direct access to her during the period of the review, the restaurant operator said.

The AC is also satisfied, after interviewing Ms Lok, that the handover process for the CFO role was duly completed to ensure a smooth transition.

Shares of No Signboard were flat at 5.7 Singapore cents as at 9.18am on Wednesday.