The proposed conditional loan agreement and sale and purchase agreement (SPA) between No Signboard Holdings and Dr Ng Chin Siau, founder and group CEO of Q&M Dental Group, has been terminated on May 3.
The termination was made after a mutual agreement between both parties.
On March 7, No Signboard Holdings’ controlling shareholder GuGong entered into a conditional SPA with Ng, where the latter will purchase a 29% stake in the former for the token sum of $1.
As part of the deal, Ng had extended an interest-free, unsecured loan of $2.6 million to No Signboard for working capital.
According to No Signboard, the agreements were terminated as the proposed investment structure could not be completed within the timeline set.
A second conditional loan agreement entered into between No Signboard Holdings and Bryan Lim Soon Fang has also been terminated.
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The second agreement will see Lim purchasing a 22% stake in the company for a token sum of $1 in exchange for an interest-free, unsecured loan of $1.9 million.
The agreement was mutually terminated as it could not be completed within a “reasonable time period”, says the company.
In two separate statements, No Signboard Holdings thanked Ng and Lim for their efforts in trying to rescue the company.
Shares in No Signboard Holdings last traded at 3.1 cents before its trading suspension since Jan 24.
