Proposed acquisition of Skyware Global

RNS Number : 9736W

Global Invacom Group Limited

25 August 2015

 

GLOBAL INVACOM GROUP LIMITED

PROPOSED ACQUISITION OF SKYWARE GLOBAL

Capitalised terms used herein shall have the definitions ascribed to them in the circular issued by the Company dated 30 July 2015 ("Circular"), unless otherwise stated or the context otherwise requires.

The Board of Directors (the "Board") of Global Invacom Group Limited (the "Company", and together with its subsidiaries, the "Group") refers to its announcements dated 2 June 2015 and 19 August 2015 in respect of the Proposed Acquisition. The Board is pleased to announce that following the fulfillment (or waiver, where applicable) of all Conditions Precedent under the Share Purchase Agreement, the Proposed Acquisition has been completed on 24 August 2015.

Following Completion, the Company has:

(a)        acquired from the Vendor 100% of the total issued and paid-up share capital of the Target;

(b)      delivered CDP share transfer forms ("Share Transfer Forms") to the Vendor in respect of the transfer of 27,957,828 Consideration Shares of the Company, which represents approximately 9.9% of the total issued and paid-up share capital of the Company immediately following Completion. The Company will make further announcements when the Vendor lodges the Share Transfer Forms with CDP, and the Consideration Shares are actually transferred; and

(c)        appointed Mr Gregory Knox Jones as Non-Independent Non-Executive Director of the Company with effect from 24 August 2015. Mr Jones is a Partner and Chief Investment Officer of Edgeware Growth Capital Partners II, L.P., the former beneficial owner of Skyware.

The following information regarding Mr Jones, aged, 54, is required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

Other directorships held:

Current:	Within the last five years:
Accutest Labratories American Piping Products Inc. Haystax Technology Priority Express Salter Labs Skyware Global Unitech Holdings Inc. Brilliance Financial Technology Industrial Service Solutions	-

There are no further disclosures to be made under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules.

The Board would like to take this opportunity to thank all Shareholders for their support in ensuring Completion.

BY ORDER OF THE BOARD

Anthony Brian Taylor

Executive Chairman

25 August 2015

For media queries, please contact

Global Invacom Group Limited

Matthew Garner (Chief Financial Officer)

 8 Temasek Boulevard

#20-03 Suntec Tower Three

Singapore 038988

[phone]

WeR1 Consultants Pte Ltd (Singapore Financial PR)

Sheryl Sim, [e-mail] 

Ian Lau, [e-mail] 

[phone]

finnCap Ltd (Nominated Adviser and Joint Broker)

Christopher Raggett/Simon Hicks (Corporate Finance)

Rhys Williams (Corporate Broking)

[phone]

Mirabaud Securities LLP (Joint Broker)

Peter Krens (Equity Capital Markets)

[phone]

Bell Pottinger LLP (UK Financial PR)

David Rydell/Lucy Stewart/David Bass

[phone]

About Global Invacom Group Limited

Global Invacom Group Limited ("Global Invacom") is listed on the Singapore Exchange Securities Trading Limited Mainboard ("SGX-ST") and its shares are admitted to trading on the AIM Market of the London Stock Exchange in the U.K..

Global Invacom is a fully integrated satellite equipment provider with six manufacturing plants across China, Malaysia and the U.K., providing a full range of dish antennas, LNB receivers, transmitters, switches and video distribution components and electronics manufacturing services in satellite communications, TV peripherals, computer peripherals, medical, and consumer electronics industries. Its customers include satellite broadcasters such as BSkyB of the U.K. and DISH Network of the U.S.A..

For more information please visit:  www.globalinvacom.com 

 

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