Here’s what happened.
Landlords Threatened Legal Proceedings If Rent Not Paid
The lawyers for the landlord of The Centrepoint Singapore, Frasers Property Centrepoint, sent a letter of demand for the sum of $12,161.10. No Signboard said that its subsidiary, Hawker QSR, occupies a unit at the basement level of the mall.
Another letter of demand for the sum of $163,965.56 came from the lawyers of Milano Central. They’re the landlord of PLQ Mall at 10 Paya Lebar Road, Paya Lebar Quarter. Hawker QSR also occupies one of the units at the first level of the mall.
No Signboard’s website has listed two of their Mom’s Touch Chicken and Burger fast-food restaurants with those two affected addresses.
Requested Suspension of Trading of Shares
No Signboard’s shares last traded at $0.031 on 17 January, and requested for a trading halt on 19 January. They said that they were halting share trades as they were unable to show that they can continue making profit.
This is due to the challenges in the local food and beverage industry, such as dining restrictions caused by the pandemic.
If they were to continue trading shares, the company would have been going against the Catalist rules of the SGX-ST (Singapore Exchange’s Securities Trading).
In a bourse filing on 3 February, they said that their board viewed that these claims will have an adverse impact on the group’s financial position and performance. “The company will make further announcements to update shareholders on material developments, as and when necessary.”
They have since employed Rajah & Tann Singapore as counsel to advise the company on these claims and other things.
Share Placement Deal Fell Through
Just last month, No Signboard announced that their deal to bring in a new investor had fallen through.
Henry Chandra Tjiang, an Indonesian private investor, would have invested $3.5 million if the deal was successful.
No Signboard was to issue nearly 77.8 million new shares at 4.5 cents each to Tjiang, but the deal fell through as the share price of the company fell significantly below the agreed price. This was once again due to challenges they faced from pandemic restrictions.
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