Final settlement not accepted by GuGong: No Signboard

It was open for acceptance until 5 p.m. on 21 June 2023.

No Signboard disclosed that its final settlement offer was not accepted by its controlling shareholder, GuGong, after the offer was closed on 21 June, 5 p.m.

“As at the deadline, there was no acceptance of the Final Settlement Offer, although the Company had received requests for clarifications from GuGong,” read the statement.

The group was disappointed that it was not accepted by the deadline, “in particular, as Option A represents the reinstatement of the original agreements which were terminated.” 

In addition to the mediation, NoSignboard said it has tried to reach out to Mr Lim on various occasions, including through the efforts of the Independent Directors. 

The company said will continue to engage GuGuong and its lawyer in the discussion with a view to reach an in-principle agreement by 26 June 2023 (Monday).