28 Jan 2020 07:00
28 January 2020
Global Invacom Group Limited
("Global Invacom", the "Company" or the "Group")
SGX Query on Business Times Article
SGX Query:
We refer to the article which states that, "the firm warned that as a result of a one-off, non-recurring charges related to the closure of Shanghai operations, it expects to record a net loss in FY2019 from a profit of US$1.5 million in 2018. Tony Taylor, Global Invacom's chief executive, told The Edge Singapore that the loss is "quite large"."
Earlier, on 15 January 2020, the Company announced a profit guidance via SGXNet indicating that, "The Group expects to recognise one-off, non-recurring charges related to the closure of Shanghai operations in FY2019."
Please disclose the amount of the "one-off, non-recurring charges".
Response to the Query:
The Board of Directors ("the Board") of Global Invacom Group Limited refers to the Company's announcement to the SGXNet on 15 January 2020 and subsequent media reports.
The Board wishes to clarify that the closure of the Shanghai operations is ongoing and will only be completed around June 2020. Subject to audit and the final review of the Board, the Group expects the non-recurring losses related to the Shanghai closure to range between US$9.5 million and US$10.5 million.
Global Invacom expects to announce its unaudited results for FY2019 in late February 2020.
For further information, please contact:
Global Invacom Group Limited | www.globalinvacom.com |
Matthew Garner, Chief Financial Officer | Tel: +65 6431 0782 Tel: +44 203 053 3523 |
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finnCap Ltd (Nominated Adviser and Joint Broker) | www.finncap.com |
Christopher Raggett / Matthew Radley (Corporate Finance) | Tel: +44 207 220 0500 |
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Mirabaud Securities LLP (Joint Broker) | www.mirabaud.com |
Peter Krens (Equity Capital Markets) | Tel: +44 207 878 3362 |
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WeR1 Consultants Pte Ltd (Singapore Investor Relations) | www.wer1.net |
Jordan Teo / Ryan del Agua | Tel: +65 6737 4844 |
ginv@wer1.net |
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Vigo Communications (UK Media & Investor Relations) | www.vigocomms.com |
Jeremy Garcia / Fiona Henson / Charlie Neish / Fiona Norman | Tel: +44 207 390 0233 |
ginv@vigocomms.com |
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About Global Invacom Group Limited
Global Invacom is a fully integrated satellite equipment provider with six manufacturing plants across China, Israel, Malaysia, 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 antennas, LNB receivers, transceivers, fibre distribution equipment, transmitters, switches and video distribution components and electronics manufacturing services in satellite communications as well as manufacturing services in military, medical, and consumer electronics industries. Following the acquisition in 2015 of Global Skyware, a leading US-based designer and supplier of satellite antennas products and services, the Company became 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