TIDMGINV
RNS Number : 2056J
Global Invacom Group Limited
09 December 2022
Global Invacom Group Limited
("Global Invacom", the "Company" or the "Group")
Board changes
Resignation of Executive Chairman and Appointment of Interim
Chief Executive Officer and Non-Executive Chairman
Singapore/London, 9 December 2022 - Global Invacom (SGX: QS9)
(AIM: GINV), the global provider of satellite communications
equipment and electronics, today announces that after 16 years with
the Company, Tony Taylor, Executive Chairman, has decided to step
down as a member of the Board and executive director with immediate
effect.
The Board and the wider executive team would like to thank Tony
for his tireless dedication and contribution to the Group, having
joined the business in 2006, and wish him every success in all his
future endeavours.
Gordon Blaikie, Global Invacom's current Chief Operating Officer
and an executive director, will assume the role of Interim Chief
Executive Officer whilst the Group identifies a permanent
replacement. In addition, Wayne Porritt, currently an Independent
Non-Executive Director of the Company, will become Independent
Non-Executive Chairman with immediate effect.
The Board firmly believes that the combined skills and
competences of both Gordon and Wayne, together with the wider
executive team, provides the Group with an ideal blend of
operational and fiscal control until a suitable candidate joins the
business.
Subsequent to Tony's stepping down as an executive director, he
will also cease to be a member of the Nominating Committee with
immediate effect. T he revised composition of the Board and Board
Committees is as set out below:
Board of Directors
Mr Wayne Robert Porritt - Independent Non-Executive Chairman
Mr Gordon Blaikie - Executive Director and Interim Chief
Executive Officer
Mr John Lim Yew Kong - Lead Independent Director
Mr Cosimo Borrelli - Independent Director
Mr Kenny Sim Mong Keang - Non-Independent Non-Executive Director
Audit and Risk Committee
Mr John Lim Yew Kong - Chairman
Mr Cosimo Borrelli - Member
Mr Wayne Robert Porritt - Member
Nominating Committee
Mr Cosimo Borrelli - Chairman
Mr John Lim Yew Kong - Member
Mr Wayne Robert Porritt - Member
Remuneration Committee
Mr Wayne Robert Porritt - Chairman
Mr Cosimo Borrelli - Member
Mr John Lim Yew Kong - Member
Related party transaction
Subsequent to Tony's stepping down as a director, on 9 December
2022, Global Invacom Limited ("GIL"), a wholly owned UK subsidiary
of the Company entered into a settlement agreement with Tony Taylor
in connection with the cessation of his service agreement as an
executive director , which includes a payment of approximately
GBP67,000 in addition to his contractual entitlement of
approximately GBP133,000, each to be paid out by GIL.
This settlement agreement constitutes a related party
transaction under the AIM Rules for Companies. The independent
directors of the Company consider, having consulted with the
Company's nominated adviser, Strand Hanson Ltd, that the terms of
the settlement agreement entered into and paid by GIL, are fair and
reasonable insofar as the Company's shareholders are concerned.
The information pursuant to Rule 704(7)(a) of the Listing Manual
of the Singapore Exchange Securities Trading Limited ("SGX-ST") in
relation to Tony's cessation as executive director is contained in
separate SGX-ST announcement to be released.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic
law.
In accordance with SGX market practice, the Board of Directors
of the Company wishes to advise the shareholders and investors of
the Company to exercise caution when dealing in the shares of the
Company. In the event of any doubt, they should consult their
stockbrokers, bank managers, solicitors, accountants or other
professional advisers.
For further information, please contact:
Global Invacom Group Limited www.globalinvacom.com
Gordon Blaikie, Interim Chief Executive via Vigo Consulting
Officer
Strand Hanson Limited (Nominated Adviser www.strandhanson.co.uk
and Broker)
James Harris / Richard Johnson / Rob Tel: +44 20 7409
Patrick 3494
Vigo Consulting (UK Media & Investor www.vigoconsulting.com
Relations)
Jeremy Garcia / Kendall Hill Tel: +44 20 7390
0238
ginv@vigoconsulting.com
About Global Invacom Group Limited
Global Invacom is a fully integrated satellite equipment
provider with sites across Singapore, China, Indonesia,
Philippines, Malaysia, Israel, UK and the U.S. Its customers
include satellite broadcasters such as Sky Group 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 for the
defence and healthcare sectors. 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
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END
BOAFSESUUEESESE
(END) Dow Jones Newswires
December 09, 2022 04:20 ET (09:20 GMT)
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