No Signboard's lead independent director resigns; board looking to fill vacancy

THE lead independent director of Catalist-listed seafood restaurant chain No Signboard Holdings resigned on Wednesday, the board said in a late-night bourse filing.

Ivan Khua, 45, stepped down over "current and future business and other commitments" that could make it difficult for him to continue with his duties, the filing said.

Listing sponsor RHT Capital found no undisclosed material reasons for his departure, and the board added that there are no unresolved differences of opinion on material matters or other relevant information that needs to be told to shareholders.

But the resignation of Mr Khua, who became a director in Nov 2017, leaves the audit committee without its minimum of three members, and the remuneration committee without a chairman.

The board and the nominating committee will try to fill the vacancy in possibly two, and certainly no more than three months, the remaining directors said in a statement.

They added that they "are currently in the process of reviewing its composition and the memberships of the relevant board committees" to keep No Signboard in compliance with the Code of Corporate Governance and Catalist rules.

The board has just two independent directors now - Robert Tay and Leow Chung Chong Yam Soon - as well as chief executive Lim Yong Sim and chief operating officer Lim Lay Hoon.