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Share Name Share Symbol Market Type Share ISIN Share Description
Global Invacom Group Limited LSE:GINV London Ordinary Share SG2E91982768 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 6.00 5.00 7.00 6.00 6.00 6.00 8,125 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 101.4 -9.5 0.0 - 15

Global Invacom Group Limited Application for Time Extension to Appoint Director

24/09/2020 7:00am

UK Regulatory (RNS & others)


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RNS Number : 9199Z

Global Invacom Group Limited

24 September 2020

Global Invacom Group Limited

("Global Invacom", the "Company" or the "Group")

Application for Time Extension to Appoint Director

Singapore/London, 24 September 2020 Global Invacom (SGX: QS9) (AIM: GINV), the global provider of satellite communications equipment and electronics, announces that on 23 September 2020, the Board of Directors ("the Board") submitted an application to Singapore Exchange Securities Trading Limited ("SGX-ST") for an extension of time until 24 October 2020 to comply with Rule 704(8) of the SGX-ST Listing Manual.

Rule 704(8)

Rule 704(8) of the Listing Manual states that:

"In the event of any retirement or resignation which renders the audit committee unable to meet the minimum number (not less than three) the issuer should endeavour to fill the vacancy within two months, but in any case, not later than three months".

Following the retirement of Mr. Basil Chan as an Independent Director of the Company on 25 June 2020, the Company's Audit and Risk Committee ("ARC") is now composed of two Independent Directors. The deadline for the Company to appoint a third director to the ARC currently is 24 September 2020.

Rationale for seeking the extension

Given the disruption caused by COVID-19, the Company has taken a longer time than initially expected to identify a suitable candidate for directorship. However, the Company has recently identified a potential candidate to be appointed as an Independent Director of the Company, and to fill up the vacancy on the Board's Committees, including the ARC.

As Global Invacom is dual-listed on the Mainboard of the SGX-ST and the AIM Market of the London Stock Exchange ("AIM"), the Company requires sufficient time to complete the required procedures and clearances under the AIM Rules before the appointment can be effected. The extension of the deadline requested would allow the Company to ensure that all the required procedures and clearances under the AIM Rules are completed, thereby allowing the candidate to be appointed to the Board.

In light of the reasons indicated above, the Company is seeking an extension of time until 24 October 2020 to appoint a third director to its ARC.

For further information, please contact:

 
 Global Invacom Group Limited                       w ww.globalinvacom.com 
 Matthew Garner, Chief Financial Officer            Tel: +65 6431 0782 
                                                     Tel: +44 20 3053 
                                                     3523 
 
 Strand Hanson Limited (Nominated Adviser           www.strandhanson.co.uk 
  and Broker) 
 James Harris / Richard Tulloch / Jack Botros       Tel: +44 20 7409 
                                                     3494 
 
 Vigo Communications (Media & Investor Relations)   www.vigocomms.com 
 Jeremy Garcia / Charlie Neish                      Tel: +44 20 7390 
                                                     0238 
 ginv@vigocomms.com 
 

About Global Invacom Group Limited

Global Invacom is a fully integrated satellite equipment provider with sites across China, Singapore, Indonesia, Philippines, Malaysia, Israel, UK and the US. Its customers include satellite broadcasters such as BSkyB of the UK and Dish Network of the USA and Data over Satellite providers including Hughes Network Systems, Viasat and Gilat Satellite Networks.

Global Invacom provides a full range of satellite ground equipment including antennas, LNB receivers, transceivers, fibre distribution equipment, transmitters, switches and video distribution components, as well as manufacturing services in the military and medical industries. The Group is the world's only full -- service outdoor unit supplier.

Global Invacom is listed on the Mainboard of the Singapore Exchange Securities Trading Limited and its shares are admitted to trading on the AIM Market of the London Stock Exchange.

For more information, please refer to www.globalinvacom.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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September 24, 2020 02:00 ET (06:00 GMT)

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