Application for an extension of time to hold AGM

RNS Number : 8967I

Global Invacom Group Limited

06 April 2020

 

6 April 2020

Global Invacom Group Limited

("Global Invacom", the "Company" or the "Group")

APPLICATION FOR AN EXTENSION OF TIME TO HOLD THE COMPANY'S

ANNUAL GENERAL MEETING FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019

The Board of Directors (the "Board") of Global Invacom wishes to announce that is has, on 6 April 2020, made an application to the Accounting and Corporate Regulatory Authority ("ACRA") under the Companies Act, Chapter 50 ("Companies Act") for an extension of time of 60 days to hold the Annual General Meeting ("AGM") for the financial year ended 31 December 2019 ("FY2019") and to file its annual returns for FY2019.

The Company has submitted to the Singapore Exchange Securities Trading Limited ("SGX-ST") an application for an extension of time till 29 June 2020 to comply with Rule 707(1) of the Listing Manual of SGX-T to hold the Company's AGM for FY2019.

On 27 February 2020, the Singapore Exchange Regulation ("SGX-RegCo") announced that issuers with a 31 December financial year-end will be given up to 30 June 2020 to hold its AGM to approve its FY2019 financial results ("Waiver").

Rational for seeking the extension of time

The Company has initially arranged to hold its AGM to approve its FY2019 financial results on or before 30 April 2020, with measures to be taken to minimise the spread of COVID-19 at the AGM venue.

On 3 April 2020, the Singapore Government announced a circuit breaker for one month with effect from 7 April 2020, including closure of most workplaces, except for essential services and key economic sector and tightening of the restrictions on movements and gatherings of people.

In view of the above, the Company is unable to proceed with its initial plan to hold its AGM on or before 30 April 2020.

The Company is now seeking an extension of time to hold its upcoming AGM by 29 June 2020, so that logistics can be rearranged after the expiry of the circuit breaker on 4 May 2020.

Confirmation by the company

The Board of Directors confirms that the Company's financial year-end is 31 December 2019.

The Company confirms that the Applications do not contravene any law and regulations governing the Company and the Constitution of the Company.

The Company has concurrently applied to ACRA for the extension of time up to 29 June 2020 for holding its AGM for FY2019 under Section 175(1) of the Companies Act and up to 30 July 2020 to lodge its annual returns for FY2019 under Section 197(1) of the Companies Act.

Summary of tentative timelines

The table below sets out the events and tentative timelines that the Company will fulfil.

Event	Indicative Date (on or before)
Announce the annual report for FY2019 on LSE	15 April 2020
Holding of AGM	29 June 2020

Please note that the above timeline is indicative only and subject to changes in light of the developing COVID-19 situation. The Company will announce any changes to the indicative timeline by way of an announcement via RNS.

Further announcements

The Company will update shareholders on the outcome of the Applications in due course.

For further information, please contact:

Global Invacom Group Limited	www.globalinvacom.com
Matthew Garner, Chief Financial Officer	Tel: [phone] Tel: [phone]
finnCap Ltd (Nominated Adviser and Joint Broker)	www.finncap.com
Christopher Raggett / Matthew Radley (Corporate Finance)	Tel: [phone]
Mirabaud Securities LLP (Joint Broker)	www.mirabaud.com
Peter Krens (Equity Capital Markets)	Tel: [phone]
WeR1 Consultants Pte Ltd (Singapore Investor Relations)	www.wer1.net
Jordan Teo / Ryan del Agua	Tel: [phone]
[e-mail]
Vigo Communications (UK Media & Investor Relations)	www.vigocomms.com
Jeremy Garcia / Fiona Norman / Charlie Neish	Tel: [phone]
[e-mail]

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

 

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