Global Invacom Group Limited Application for Time Extension to Appoint Director (9199Z)
September 24 2020 - 1:00AM
UK Regulatory
TIDMGINV
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
MSCLJMATMTTTBAM
(END) Dow Jones Newswires
September 24, 2020 02:00 ET (06:00 GMT)
Global Invacom (LSE:GINV)
Historical Stock Chart
From Apr 2024 to May 2024
Global Invacom (LSE:GINV)
Historical Stock Chart
From May 2023 to May 2024