Global Invacom Group Limited Notice of AGM & Audited Financial Statements (7189V)

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RNS Number : 7189V

Global Invacom Group Limited

11 April 2023

GLOBAL INVACOM GROUP LIMITED

("Global Invacom", the "Company" and together with its subsidiaries the "Group")

(Incorporated in the Republic of Singapore)

(Company Registration No: 200202428H)

POSTING OF ANNUAL REPORT, NOTICE OF AGM

AND

DIFFERENCES BETWEEN UNAUDITED AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Singapore/London, 11 April 2023 - Global Invacom (SGX: QS9) (AIM: GINV), the global provider of satellite communications equipment and electronics, confirms its Annual Report and Accounts for the year ended 31 December 2022 is now available for download on the Company's website at: https://globalinvacom.com/pages/downloads

The Annual General Meeting ("AGM") will be held at 10.00 a.m. (SGT) on Wednesday, 26 April 2023, at The National University of Singapore Society, Suntec City Guild House, 3 Temasek Boulevard, #02-401/402 Suntec City Mall, Singapore 038983.

The resolutions of the AGM, Form of Proxy and instructions for shareholder participation can be found within the Annual Report.

The Board of Directors ("Board") of the Company refers to the announcement released by the Company on 27 February 2023 in relation to its unaudited full year financial statements ("Unaudited Financial Statements") for the financial year ended 31 December 2022 ("FY2022"). Further reference is made to the audited financial statements of the Group for FY2022 ("Audited Financial Statements FY2022"). Shareholders of the Company are advised to read the Audited Financial Statements FY2022 in its entirety in its annual report FY2022, available as set out above.

Pursuant to Rule 704(6) of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Board wishes to announce that subsequent to the release of the Unaudited Financial Statements for FY2022, and with the finalisation of audit, there were variances between the Unaudited Financial Statements for FY2022 and the Audited Financial Statements for FY2022. Detailed information is set out below.

Consolidated Statement of Comprehensive Income

 
                        Unaudited   Audited   Variance 
                       ----------  --------  --------- 
 Group                    US$'000   US$'000    US$'000 
                       ----------  --------  --------- 
 
 O ther operating 
  expenses                  (568)   (2,911)    (2,343) 
 
 Other comprehensive 
  loss                      (677)     1,666      2,343 
 
 Loss per share            (4.85)    (5.72)     (0.87) 
 
 

The variances as shown above are due to the deregistration of a wholly-owned subsidiary of the Group, Global Invacom Manufacturing (Shanghai) Co., Ltd in the current financial year. In accordance with the accounting standard SFRS(I) 10 - Consolidated Financial Statements, the Group is required to reclassify the charge, previously attributed to the foreign currency translation reserve and amounting to US$2,343,000, to profit or loss upon disposal. The reclassification does not impact the net assets of the Group.

In accordance with SGX market practice, the Board of the Company wishes to advise the shareholders and investors of the Company to exercise caution when dealing in the shares of the Company. In the event of any doubt, they should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers.

BY ORDER OF THE BOARD

Gordon Blaikie

Executive Director

11 April 2023

For further information, please contact:

 
 Global Invacom Group Limited               www.globalinvacom.com 
 Gordon Blaikie, Interim Chief Executive    via Vigo Consulting 
  Officer 
 
 Strand Hanson Limited (Nominated Adviser   www.strandhanson.co.uk 
  and Broker) 
 James Harris / Richard Johnson / David     Tel: [phone] 
  Asquith                                    3494 
 
 Vigo Consulting (UK Media & Investor       www.vigoconsulting.com 
  Relations) 
 Jeremy Garcia / Fiona Hetherington /       Tel: [phone] 
  Kendall Hill                               0238 
 [e-mail] 
 

About Global Invacom Group Limited

Global Invacom Group comprises a number of companies specialising in innovative technology, products and solutions for the satellite ground equipment sector. Uniquely, the Group provides fully integrated manufacturing for most of its product lines providing additional quality and supply chain assurance to a global blue-chip customer base in the satellite communications, satellite TV and satellite navigation markets.

The Group has an established global presence with sales offices, research and development centres and manufacturing facilities across the world, including Singapore, China, Indonesia, the Philippines, Malaysia, Israel, the UK, and the USA.

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 http://www.globalinvacom.com

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April 11, 2023 02:00 ET (06:00 GMT)