NO SIGNBOARD’S controlling shareholder and executive chairman, who collectively hold 55 per cent of the company’s shares, have agreed to sell all their shares to three investors for S$500,000.
Controlling shareholder GuGong and No Signboard executive chairman Lim Yong Sim collectively hold 254.4 million shares in the company.
They have agreed to sell their shares to Wang Huan, Qi Aina and Yang Ji Hui, who are investors with business interests in China, the company said in a bourse filing on Wednesday (Mar 20).
The company said the purchasers are independent from each other and are not acting in concert. They also do not have the right to nominate any directors onto the board.
None of the investors are related to GuGong, Lim, the company, white-knight investor Gazelle Ventures, or any other substantial shareholder or director, No Signboard added.
In a separate announcement, No Signboard also said that Lim tendered his resignation as executive chairman to “pursue other personal interests and following the sale of his existing interest in the company”.
He will also cease his directorships in the subsidiaries of No Signboard.
There is no notice period required to be served by him, and his effective date of cessation is Mar 20, the company said.
The company, which has been embroiled in a series of lawsuits, had earlier outlined its plans for the near term, including consolidating its shares six to one, in a bid to improve its business.
Its shares tumbled, however, when the counter resumed trading more than two years after it first called for a voluntary suspension.
Shares of No Signboard closed flat at S$0.016 on Wednesday.
