No Signboard Holdings Terminates Sale and Purchase Agreement and Contingent Loan Agreement with Q&M Founder

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A second conditional loan agreement between No Signboard Holdings and Bryan Lim Soon Fang was also terminated.

The proposed conditional loan agreement and sale and purchase agreement (SPA) between No Signboard Holdings and Dr. Ng Chin Siau, founder and CEO of Q&M Dental Group, was terminated on May 3.

The termination was made after a mutual agreement between the two parties.

On March 7No Signboard Holdings’ majority shareholder, GuGong, has entered into a conditional SPA with Ng, in which the latter will buy a 29% stake in the former for the token sum of US$1.

As part of the deal, Ng had provided an interest-free, unsecured loan of $2.6 million to No Signboard for working capital.

According to No Signboard, the deals were terminated because the proposed investment structure could not be completed within the time frame.

A second conditional loan agreement between No Signboard Holdings and Bryan Lim Soon Fang was also terminated.

The second deal will see Lim buy a 22% stake in the company for a nominal sum of $1 in exchange for an interest-free, unsecured loan of $1.9 million.

The deal was mutually terminated because it could not be completed within a “reasonable time,” the company said.

In two separate statements, No Signboard Holdings thanked Ng and Lim for their efforts to save the company.

Shares of No Signboard Holdings last traded at 3.1 cents before it was suspended since Jan. 24.

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