9 Oct 2020 15:15
9th October 2020
Global Invacom Group Limited
("Global Invacom", the "Company" or the "Group")
Directorate Change
Global Invacom (SGX: QS9) (AIM: GINV), the global provider of satellite communications equipment and electronics, announces that, further to the Company's announcement of 24 September 2020, Wayne Robert Porritt has been appointed to the board of directors of the Company (the "Board") as an Independent Director, with immediate effect.
Mr Porritt holds various directorship and advisory roles in corporate and non-profit organisations. He previously worked for Standard Chartered Bank (Hong Kong) Limited as Regional Chief Risk Officer and as a non-executive director of Standard Chartered Bank's South Korea and Taiwan subsidiaries. Mr Porritt has extensive risk and restructuring experience, following over 20 years at Bank of America and Standard Chartered Bank. His banking and finance career commenced in Australia where he previously worked in the credit and insolvency divisions of Société Générale and Ernst & Young.
Mr Porritt has been appointed Chairman of the Remuneration Committee and will act as a member of the Audit and Risk, and Nominating Committees. The Board considers Mr Porritt to be independent for the purpose of Rule 704(8) of the SGX-ST Listing Manual.
Additional Information on Wayne Porritt
The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies.
Wayne Robert Porritt (aged 52)
Current Directorships and/or Partnerships | Past Directorships and/or Partnerships (last five years) |
Floatel International Limited | Noble Group Limited |
Skylight Financial Solutions Pty Limited | Quantrex Capital Pty Limited |
Oxfam Hong Kong | Standard Chartered Bank (Taiwan) Limited |
Immobilari Pty Limited | Standard Chartered Bank Korea Limited |
Consigliere Australia Pty Limited |
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Mr Porritt does not currently hold any shares in the Company.
Mr Porritt was appointed as an independent non-executive director of Noble Group Limited ("Noble"), in March 2018, to assist Noble on its corporate and financial restructuring. Noble announced, on 20 December 2018, that the restructuring had completed, in conjunction with Mr Porritt's resignation. As part of the restructuring, and in accordance with the terms of schemes of arrangement, under both Bermudan and English laws, which had been approved by Noble's shareholders, Noble entered into liquidation proceedings in December 2018 and was wound up on 8 February 2019.
Mr Porritt was appointed as a director of Quantrex Capital Pty Limited ("Quantrex") to assist in the restructuring of Quantrex in January 2018. Following the sale of Quantrex's parent to a new investor, Mr Porritt resigned as a director in April 2018. Quantrex was subsequently wound up following the appointment of a liquidator in July 2018. At the time such proceedings were initiated, there was an estimated A$1.2 million creditor shortfall.
Save as set out above there are no further disclosures pursuant to Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies in respect of the appointment of Wayne Porritt.
Following Mr Porritt's appointment, the Board and its Committees are comprised as below:
Board of Directors |
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Anthony Brian Taylor | Executive Chairman |
Malcolm John Burrell | Executive Director |
Matthew Jonathan Garner | Executive Director |
John Lim Yew Kong | Lead Independent Director |
Cosimo Borrelli | Independent Director |
Wayne Robert Porritt | Independent Director |
Kenny Sim Mong Keang | Non-Independent Non-Executive Director |
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Audit and Risk Committee |
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John Lim Yew Kong | Chairman |
Cosimo Borrelli | Member |
Wayne Robert Porritt | Member |
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Nominating Committee |
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Cosimo Borrelli | Chairman |
John Lim Yew Kong | Member |
Wayne Robert Porritt | Member |
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Remuneration Committee |
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Wayne Robert Porritt | Chairman |
Cosimo Borrelli | Member |
John Lim Yew Kong | Member |
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 |
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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.