Global Invacom Share Discussion Threads

[cjohn] 03/10/2019 09:56

Outstanding value here.

Profitable (forward PE of around 7), well-run, trading at less than two thirds tangible book.


The main drawbacks:

-possible de-listing in Singapore (but not UK). But this can be dealt with by a share consolidation.

-the possibility that the management comes up with another insane takeover proposal. (The previous one was scotched by the independent advisor. I would have scotched it for free.)

[cjohn] 08/8/2019 11:26

Good first half results.

Hopefully they have put the madness of the reverse takeover behind them and there will be no repeat.

[cjohn] 21/6/2019 10:04

Another sensible minor acquisition, this time of assets and IP from Apexsat.


Thank goodness the crazy Tactilis reverse takeover was scotched by the independent advisor. let's hope lessons have been learned and there is no repeat.


GINV shares remain seriously under-valued.

[cjohn] 10/12/2018 11:06

Yes, either v. stupid or v. dodgy.

a $20m break clause.


Unbelieveable. They've actually had decent 3rd quarter results and they're throwing it all away on a mad speculation,

[gaiusgracchus] 29/10/2018 16:29

Yes...I don't like the look of it at all. They are valuing the private company at $200m and it's got sod all revenue.

[cjohn] 29/10/2018 12:51

Reverse takeover


Proposed Reverse Takeover of Tactilis Will Open New Growth Chapter

Singapore/London, 29 October 2018 - Satellite communications equipment provider Global Invacom Group Limited (SGX: QS9) (AIM: GINV) said its proposed US$200 million reverse takeover (the "Proposed Acquisition") of biometrics solutions provider Tactilis Sdn. Bhd. ("Tactilis") will create an enlarged technology company which will open an exciting chapter of growth and enhance shareholder value.

Malaysia-based Tactilis manufactures and distributes biometric system-on-card solutions. Its flagship Tactilis Touch management system acts as a medium to authenticate human users, devices and services, deploying sensors that can capture fingerprints at least four times more accurately than competitors, and can also manage facial and iris recognition.

Through the proposed transaction, Global Invacom - which has a global manufacturing footprint and established customer base - will create value and synergies in the following areas:

- Leverage on Global Invacom's manufacturing experience and footprint to develop current and future products of Tactilis;
- Leverage on the Group's extensive global customer base and world-wide sales team to assist Tactilis and improve market access; and
- Leverage on Global Invacom's public listing status on two renowned global bourses - Singapore Exchange ("SGX") and the UK AIM Market ("AIM") - to raise capital for future expansion.

Global Invacom will initially subscribe, in cash, for convertible notes worth US$2.0 million for a 2% stake in Tactilis. This first subscription is priced at a 50% discount to a valuation of US$200 million ("Valuation") which in turn is at a significant discount to the base-case valuation contained in a January 2017 report issued by Frost & Sullivan*. Global Invacom will later acquire the remaining 98% stake by issuing 1.80 billion shares priced at 15 Singapore cents per share, worth a total of US$196.0 million.

Global Invacom also has the option to subscribe, in cash and again at a 50% discount to the Valuation, for another US$8.0 million worth of convertible notes for an additional 8% stake (in addition to the initial 2% stake). Under the agreement with Tactilis, Global Invacom can increase its stake in Tactilis by 1% for every US$1 million worth of notes subscribed, up to a total of 10%. The remaining 90% will then be acquired via issue of 1.65 billion Global Invacom shares at 15 Singapore cents per share, for a consideration of US$180.0 million.

The Proposed Acquisition, if completed, will constitute a reverse takeover for the purposes of the SGX Mainboard Listing Manual and the UK's AIM Rules for Companies.

Tony Taylor, Executive Chairman of Global Invacom, commented:

"The current satellite communications equipment business remains profitable and will remain an important activity of the Group even after the proposed acquisition. Through the proposed acquisition of Tactilis, we can venture into the high-growth, high-tech biometrics security industry. The fit between the two companies is synergistic as Tactilis will be able to achieve faster go-to-market because of Global Invacom's existing manufacturing and marketing footprint as well as our access to global capital markets. We look forward to shareholder support of this transaction which we are confident will enhance value."

Subject to the necessary regulatory and shareholder approvals, the Group expects the acquisition to be completed in the third quarter of 2019.

*As part of the due diligence, Global Invacom will appoint a valuer to carry out its own independent valuation.

[gaiusgracchus] 10/8/2018 11:11

Nobody cares about this company, it's at an all time low, and it's trading at a massive discount to net current assets. I'm getting interested.

[battlebus2] 26/2/2015 08:16

Happy with this mornings results though Finncap have lowered their target price from 29p to 20p..

[astillie] 23/1/2015 13:02

Is there any way of finding out who is selling these quantities of shares?

[freda] 15/1/2015 11:49

Yes, but going into treasury and not being cancelled. Thus the company believes that the shares are currently cheap and they will make a profit when they are re-issued. What do they know that we don't?

[battlebus2] 15/1/2015 10:28

Co buying back more shares..

[battlebus2] 12/12/2014 09:41

Lots of shares changing hands over the last week or so but no holdings RNS as yet.

[battlebus2] 27/11/2014 07:24

Thanks freda.

[dasv] 30/9/2014 12:25

company bought back a lot of its own shares and share price still in decline. Those who funded IPO selling?

Decent ROCE BTW: 18.7%

[battlebus2] 24/9/2014 21:32

No one following these?? Broker reiterates after this mornings news..

24 September 2014 Global Invacom Group finnCap Corporate 18.75 29.00 29.00 Reiterates
Global Invacom Group Limited

Voluntary Announcement of Acquisition of the entire issued and paid-up share capital of OnePath Networks Ltd

The Board of Directors of Global Invacom Group Limited (the "Company") announces that the Company has on 24 September 2014 entered into a conditional agreement to acquire the entire issued and paid-up share capital of OnePath Networks Ltd (the "Acquisition"). Completion of the Acquisition is subject to certain conditions precedent related primarily to the completion of the sale process by the vendors. Satisfaction of such conditions is expected to take place in approximately 45 days.

OnePath Networks Ltd is a company incorporated and registered in Israel with principal activities in telecoms solutions for the commercial, government and military markets.

The relative figures for the Acquisition computed on the bases set out in Rule 1006(a) to (d) of the SGX-ST Listing Manual do not exceed 5%. As such, the Acquisition is a non-disclosable transaction under Rule 1008 of the SGX-ST Listing Manual.

Further details on the Acquisition in accordance with Rule 1008(2) of the SGX-ST Listing Manual will be made available on completion of the Acquisition.
Global Invacom Group Limited

Voluntary Announcement of Acquisition of the entire issued and paid-up share capital of OnePath Networks Ltd

The Board of Directors of Global Invacom Group Limited (the "Company") announces that the Company has on 24 September 2014 entered into a conditional agreement to acquire the entire issued and paid-up share capital of OnePath Networks Ltd (the "Acquisition"). Completion of the Acquisition is subject to certain conditions precedent related primarily to the completion of the sale process by the vendors. Satisfaction of such conditions is expected to take place in approximately 45 days.

OnePath Networks Ltd is a company incorporated and registered in Israel with principal activities in telecoms solutions for the commercial, government and military markets.

The relative figures for the Acquisition computed on the bases set out in Rule 1006(a) to (d) of the SGX-ST Listing Manual do not exceed 5%. As such, the Acquisition is a non-disclosable transaction under Rule 1008 of the SGX-ST Listing Manual.

Further details on the Acquisition in accordance with Rule 1008(2) of the SGX-ST Listing Manual will be made available on completion of the Acquisition.


24 September 2014

Global Invacom Group Limited

Voluntary Announcement of Acquisition of the entire issued and paid-up share capital of OnePath Networks Ltd

The Board of Directors of Global Invacom Group Limited (the "Company") announces that the Company has on 24 September 2014 entered into a conditional agreement to acquire the entire issued and paid-up share capital of OnePath Networks Ltd (the "Acquisition"). Completion of the Acquisition is subject to certain conditions precedent related primarily to the completion of the sale process by the vendors. Satisfaction of such conditions is expected to take place in approximately 45 days.

OnePath Networks Ltd is a company incorporated and registered in Israel with principal activities in telecoms solutions for the commercial, government and military markets.

The relative figures for the Acquisition computed on the bases set out in Rule 1006(a) to (d) of the SGX-ST Listing Manual do not exceed 5%. As such, the Acquisition is a non-disclosable transaction under Rule 1008 of the SGX-ST Listing Manual.

Further details on the Acquisition in accordance with Rule 1008(2) of the SGX-ST Listing Manual will be made available on completion of the Acquisition.

[battlebus2] 09/9/2014 11:35

Co still buying shares....

Global Invacom announces that on 9 September 2014, it purchased 243,000 ordinary shares of no par value ("Ordinary Shares") at a price of SGD 0.44, to be held in treasury (the "Purchase").

The shares were purchased in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 30 April 2014.

Global Invacom advises that, following the Purchase, the Company's issued share capital is 282,402,299 Ordinary Shares (including 9,543,000 Ordinary Shares held as treasury shares). Therefore the Company's total number of Ordinary Shares with voting rights is 272,859,299.

[henryatkin] 29/8/2014 09:21

I've put the email address in the header & trust it will be used sensibly & not on trivial matters. We don't want to lose access.

[saucepan] 28/8/2014 23:28

Thanks, astille and battlebus. I was going to try to follow up with the CFO if no one else did.

The feedback seems reassuring. Needless to say, I'd be keen to get hold of research notes if anyone can help?

[battlebus2] 28/8/2014 21:27

Thank you astillie, just had an email back from Matt and very prompt it was too.
I asked about the sentence discussed above and it seems nothing to be concerned about, anyone have a copy of the Finncap note?

Thank you for your E-Mail. As you will know, the company cannot give any forward looking statements regarding our trading so investors should not read anything into this statement.

However, we are aware of research from Mirabaud and finnCap in UK and we are comfortable with their opinions.

Yours sincerely,

Matt Garner

[astillie] 28/8/2014 14:05

I have had lots of correspondence from the CFO Matt Garner [e-mail] is very candid and replies promptly.

[cfro] 28/8/2014 11:31

What!! that is utter craziness on their part imo!

[5dally] 28/8/2014 11:19

Well got this from TDW,,,,,,,,,not very pleased with it

Thank you for your e-mail dated 27th August regarding trading
Global Invacom (GINV) shares on the London Market.

I understand from your complaint that you are dissatisfied that our
system doesn't recognise the stock symbol of GINV. I apologise for
the fact that you are experiencing issues in trading this stock.
However, having raised the issue with our Trade Management Team,
they have advised that the primary listing for this stock is the
Singapore Market (under stock symbol QS9) and this is the only
Market that we would offer to trade the stock. This is the Market
that has the most trading liquidity in this stock whereas the
London listing is much less liquid. You mention that other brokers
offer trading in GINV (London), I can only assume that this is the
case because they don't offer Singapore as one of their trading
Markets.

I trust that the above explanation clarifies the situation for you
but if you have any further issues, please do not hesitate to
contact me by responding to this e-mail or by calling our Contact
Centre on 0845 6076001 and asking to speak to myself on extension
14043.


Yours sincerely,

Brij Khuttan
Complaints Team