No Signboard’s auditor flags going concern uncertainty, asset impairments
SINGAPORE - As part of No Signboard’s annual report release on Jan 19, the company’s auditor, PKF-CAP, flagged uncertainty over the company’s ability to continue as a going concern.
The auditor noted that the company posted a net loss of $4.7 million for the financial year ended Sept 30, 2022, with net cash outflow from operating activities of $982,000.
In addition, it noted that the company’s current liabilities exceeded current assets by $6.6 million, while total liabilities exceeded total assets by $7.1 million as at Sept 30, 2022.
The net current liabilities included bank borrowings of $2.1 million that were reclassified from non-current to current as the company defaulted on monthly repayments due to insufficient funds.
“These factors indicate the existence of a material uncertainty that may cast significant doubt on the group’s and company’s ability to continue as going concerns,” the auditor said.
However, the company’s board remains confident that the memorandum of understanding (MOU) signed between the company and Gazelle Ventures for up to $5 millionin investments as well as its restructuring exercise will help it generate cashflows from operations, and meet the company’s and group’s working capital requirements, and to operate as going concerns.
The company had earlier entered into an MOU with Gazelle Ventures for $5 million, of which $500,000 would be secured through subscription of new ordinary shares representing 75 per cent of the enlarged issued and paid-up share capital of the company. The remaining $4.5 million would be provided through a convertible instrument.
It added that the board of directors and management have assessed the matter and concluded that it will not have a significant impact on the company’s financial statements.
As part of the company’s audit, PKF-CAP also identified indicators of impairment in the company’s related right-of-use assets as well as plant and equipment at the company’s restaurants.
This led to an impairment charge of $1.4 million and $807,564 on the company’s right-of-use assets and plant and equipment respectively after the outcome of impairment tests.
The auditor considered this a key audit matter given the heightened level of estimation uncertainty associated with current market conditions, and the significant management judgement involved in determining the recoverable amounts for the assets.
As at Sept 30, 2022, the group’s right-of-use assets and plant and equipment were $136,388 and $438,177 respectively, representing 11.1 per cent and 35.5 per cent of the group’s total assets respectively.
No Signboard shares have been suspended since Jan 24, 2022.
No Signboard Holdings CEO suspended until resolution of price rigging charges
SINGAPORE — The chief executive officer of No Signboard Holdings has been suspended from all executive duties after being charged with price rigging offences, said the restaurant operator in a filing on Tuesday (Aug 8).
Sam Lim Yong Sim, who is also the executive chairman of the company, was charged on July 27 with three counts of false trading and market rigging.
The 46-year-old is accused of placing orders for No Signboard Holdings shares, and trades in the shares were executed through the account of Gugong — the majority shareholder of No Signboard Holdings — to push up or support the prices.
The company said on Tuesday Lim has been put on a leave of absence, which involves a suspension from all his executive duties as CEO.
He will continue to remain as a director during his suspension, it added.
The suspension, effective from Tuesday, is "pending the resolution of the proceedings relating to the charges".
"In arriving at this decision, the board took into account the NC's (nominating committee) recommendations and views, including the seriousness and nature of the charges and the negative impact the charges may reasonably be expected to have on minority shareholders' confidence in the company."
Non-executive director Lim Teck-Ean will take over as interim CEO and be redesignated as executive director.
"The immediate focus of Mr Lim Teck-Ean and the board will be to obtain the SGX-ST's (Singapore Exchange Securities Trading) approval for the resumption of trading of the company's shares," said the company.
No Signboard Holdings' board added it does not expect the charges or suspension to impact its existing business operations or ability to resume the trading of its shares.
Shares have been suspended from trading since Jan 24, 2022, said a company announcement to the Singapore Exchange (SGX) on Jul 25.
Lim was arrested on April 30, 2019 on "reasonable suspicion" that sections of the Securities and Futures Act on false trading, market-rigging transactions and insider trading "may have been breached", the Catalist-listed company said in a filing to SGX in 2019.
According to its website, No Signboard Holdings runs three restaurants in Singapore — No Signboard Seafood in Geylang, Little Sheep Hot Pot in Orchard, and nosignboard Sheng Jian in Yishun.
The group said on Tuesday it intends to undergo a rebranding exercise, which may include the renaming of its existing brands upon the resumption of trading.
No Signboard CEO arrested and on bail in share buyback probe
SINGAPORE — Seafood restaurant operator No Signboard Holdings said its chief executive officer Lim Yong Sim was arrested on Tuesday (30 April) and has been released on bail.
Lim was arrested on “reasonable suspicion” of breaching the Securities and Futures Act, the company said in an exchange filing on Thursday.
Lim has not been charged for any offence, the company said, adding that its business will not be affected and will continue as usual.
The arrest comes on the heels of an ongoing probe by the police’s Commercial Affairs Department (CAD) into the company’s abortive share buyback in January. The shares were bought at a price that was above the regulatory limit and during a black-out period.
The company said on Monday that it was requested by the CAD to assist in investigations and had provided copies of documents connected to the share buyback. Both Lim and chief financial officer Voon Sze Yin had given statements, and Lim’s passport was retained by CAD.
Might No Signboard's CEO still have a bright future ahead? If yes, then he should be given a chance......just call it an honest mistake committed and let's move on. :P
No Signboard’s auditor flags going concern uncertainty, asset impairments
SINGAPORE - As part of No Signboard’s annual report release on Jan 19, the company’s auditor, PKF-CAP, flagged uncertainty over the company’s ability to continue as a going concern.
The auditor noted that the company posted a net loss of $4.7 million for the financial year ended Sept 30, 2022, with net cash outflow from operating activities of $982,000.
In addition, it noted that the company’s current liabilities exceeded current assets by $6.6 million, while total liabilities exceeded total assets by $7.1 million as at Sept 30, 2022.
The net current liabilities included bank borrowings of $2.1 million that were reclassified from non-current to current as the company defaulted on monthly repayments due to insufficient funds.
“These factors indicate the existence of a material uncertainty that may cast significant doubt on the group’s and company’s ability to continue as going concerns,” the auditor said.
However, the company’s board remains confident that the memorandum of understanding (MOU) signed between the company and Gazelle Ventures for up to $5 million in investments as well as its restructuring exercise will help it generate cashflows from operations, and meet the company’s and group’s working capital requirements, and to operate as going concerns.
The company had earlier entered into an MOU with Gazelle Ventures for $5 million, of which $500,000 would be secured through subscription of new ordinary shares representing 75 per cent of the enlarged issued and paid-up share capital of the company. The remaining $4.5 million would be provided through a convertible instrument.
The auditor also noted that the company’s executive chairman is under investigation by the Commercial Affairs Department for the abortive share buyback executed by the company’s chief executive in 2019.
It added that the board of directors and management have assessed the matter and concluded that it will not have a significant impact on the company’s financial statements.
As part of the company’s audit, PKF-CAP also identified indicators of impairment in the company’s related right-of-use assets as well as plant and equipment at the company’s restaurants.
This led to an impairment charge of $1.4 million and $807,564 on the company’s right-of-use assets and plant and equipment respectively after the outcome of impairment tests.
The auditor considered this a key audit matter given the heightened level of estimation uncertainty associated with current market conditions, and the significant management judgement involved in determining the recoverable amounts for the assets.
As at Sept 30, 2022, the group’s right-of-use assets and plant and equipment were $136,388 and $438,177 respectively, representing 11.1 per cent and 35.5 per cent of the group’s total assets respectively.
No Signboard shares have been suspended since Jan 24, 2022.
https://www.straitstimes.com/business/companies-markets/no-signboard-s-auditor-flags-going-concern-uncertainty-asset-impairments
No Signboard Holdings CEO suspended until resolution of price rigging charges
SINGAPORE — The chief executive officer of No Signboard Holdings has been suspended from all executive duties after being charged with price rigging offences, said the restaurant operator in a filing on Tuesday (Aug 8).
Sam Lim Yong Sim, who is also the executive chairman of the company, was charged on July 27 with three counts of false trading and market rigging.
The 46-year-old is accused of placing orders for No Signboard Holdings shares, and trades in the shares were executed through the account of Gugong — the majority shareholder of No Signboard Holdings — to push up or support the prices.
The company said on Tuesday Lim has been put on a leave of absence, which involves a suspension from all his executive duties as CEO.
He will continue to remain as a director during his suspension, it added.
The suspension, effective from Tuesday, is "pending the resolution of the proceedings relating to the charges".
"In arriving at this decision, the board took into account the NC's (nominating committee) recommendations and views, including the seriousness and nature of the charges and the negative impact the charges may reasonably be expected to have on minority shareholders' confidence in the company."
Non-executive director Lim Teck-Ean will take over as interim CEO and be redesignated as executive director.
"The immediate focus of Mr Lim Teck-Ean and the board will be to obtain the SGX-ST's (Singapore Exchange Securities Trading) approval for the resumption of trading of the company's shares," said the company.
No Signboard Holdings' board added it does not expect the charges or suspension to impact its existing business operations or ability to resume the trading of its shares.
Shares have been suspended from trading since Jan 24, 2022, said a company announcement to the Singapore Exchange (SGX) on Jul 25.
Lim was arrested on April 30, 2019 on "reasonable suspicion" that sections of the Securities and Futures Act on false trading, market-rigging transactions and insider trading "may have been breached", the Catalist-listed company said in a filing to SGX in 2019.
According to its website, No Signboard Holdings runs three restaurants in Singapore — No Signboard Seafood in Geylang, Little Sheep Hot Pot in Orchard, and nosignboard Sheng Jian in Yishun.
The group said on Tuesday it intends to undergo a rebranding exercise, which may include the renaming of its existing brands upon the resumption of trading.
https://www.todayonline.com/singapore/no-signboard-holdings-ceo-suspended-until-resolution-price-rigging-charges-2230101
No Signboard CEO arrested and on bail in share buyback probe
SINGAPORE — Seafood restaurant operator No Signboard Holdings said its chief executive officer Lim Yong Sim was arrested on Tuesday (30 April) and has been released on bail.
Lim was arrested on “reasonable suspicion” of breaching the Securities and Futures Act, the company said in an exchange filing on Thursday.
Lim has not been charged for any offence, the company said, adding that its business will not be affected and will continue as usual.
The arrest comes on the heels of an ongoing probe by the police’s Commercial Affairs Department (CAD) into the company’s abortive share buyback in January. The shares were bought at a price that was above the regulatory limit and during a black-out period.
The company said on Monday that it was requested by the CAD to assist in investigations and had provided copies of documents connected to the share buyback. Both Lim and chief financial officer Voon Sze Yin had given statements, and Lim’s passport was retained by CAD.
https://sg.finance.yahoo.com/news/no-signboard-ceo-arrested-bail-share-buyback-probe-034253927.html
Did TemaSICK invest in this company?
Might No Signboard's CEO still have a bright future ahead? If yes, then he should be given a chance......just call it an honest mistake committed and let's move on. :P