BOTH the Accounting and Corporate Regulatory Authority (Acra) and the Singapore Exchange (SGX) have rejected No Signboard Holdings’ application for an extension of time to hold its annual general meeting (AGM).
The company said in a bourse filing on Friday (Feb 23) that the exchange had notified it that there are “no extenuating reasons to grant the waivers”.
No Signboard also said in a separate filing that chairman and director Lim Yong Sim has written to the board to state that he “strongly disagrees to any further postponement of the company’s AGM”.
Lim said he has taken the position that the company “has no basis to continue depriving shareholders of the right to hold the board and management accountable for the current business and financial affairs of the group”.
The company said it disagrees with Lim’s depiction that it is depriving shareholders of their rights.
Last month, the company sought for an extension from Acra and SGX to hold its AGM for the financial year ended September 2023 by Jun 16, 2024. It also sought for more time to issue its annual report, sustainability report, as well as its financial statements.
SGX has informed the company that it reserves the right to take any action for breaches of Catalist rules, and has urged the board to take immediate action to hold the AGM and issue the relevant reports as soon as possible.
“The company remains fully committed to holding its AGM for FY2023 as soon as practicable and has been working with the auditors to expedite the completion of its audit so that it can do so,” No Signboard said. It added it intends to submit an appeal to Acra to ensure that it will not be in breach of any regulatory requirements.
Shares of No Signboard have been suspended from trading since January 2022.
