No Signboard announces board changes

Its executive director and a non-executive director are resigning effective 14 June.

No Signboard Holdings on Tuesday announced changes in its Board of Directors following the resignation of Executive Director Lim Lay Hoon effective 14 June.

In a disclosure, the restaurant operator said Lim is resigning to focus solely on her role as the chief operating officer of the company because of its current financial situation.

Her resignation will facilitate the appointment of the nominated directors following the entry of super priority financing agreement between No Signboard and Gazelle Ventures Pte. Ltd.

Su Haijin is also stepping down as the company’s non-executive director because of his current and future business and other commitments “which would make it difficult for him to continue devoting the time and commitment” required in his role.

The board approved the appointment of Lim Teck-Ean and Tan Keng Tiong as non-executive directors of the company, who also serve as CEO and COO, respectively, of Gazelle Ventures.

Gazelle Ventures is expected to hold a 75% shareholding interest in the enlarged share capital of No Signboard upon completion of the proposed investment by Gazelle Ventures.