24 Sep 2020 07:00
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 | www.globalinvacom.com |
Matthew Garner, Chief Financial Officer | Tel: +65 6431 0782 Tel: +44 20 3053 3523
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Strand Hanson Limited (Nominated Adviser and Broker) | www.strandhanson.co.uk |
James Harris / Richard Tulloch / Jack Botros | Tel: +44 20 7409 3494
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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.