No Signboard under investigation by CAD

This follows after its CEO conducted an abortive share buyback.

The Commercial Affairs Department (CAD) has issued a probe upon F&B firm No Signboard concerning its abortive share buyback on 31 January 2019, the details of which have been previously announced in February.

Last 3 February, No Signboard’s chief executive Sam Lim had inadvertently instructed the company’s broker UOB Kay Hian to buy back shares amidst a trading halt.

In a statement, the company said it is fully cooperating with the CAD in its investigations. “From 24 April 2019 to 26 April 2019, the CAD was provided access to and was given copies of documents in connection with the abortive share-buyback. No files or records or equipment belonging to the company have been seized by the authority.”

The company’s CEO and CFO of the company have also given statements to the CAD in connection with the abortive share buy-back. Whilst the passport of the CEO has been retained by the CAD (which the company understands is a requirement during investigations), no person in the company has been arrested or charged for any offense by the authority, the company said.

“The company’s business and operations have not been affected and will continue as usual. The investigations will also not affect the CEO and CFO of the company in their respective roles and functions as key executive management of the company. The company will make further announcement(s) as and when there are any updates on the matter,” it added.