REG - Global Invacom Group - Board changes

Global InvacomAnnouncement

09/12/2022 09:30

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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. The
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 £67,000 in addition to his contractual entitlement of
approximately £133,000, 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 (http://www.globalinvacom.com/)
 Gordon Blaikie, Interim Chief Executive Officer           via Vigo Consulting

 Strand Hanson Limited (Nominated Adviser and Broker)      www.strandhanson.co.uk (http://www.strandhanson.co.uk/)
 James Harris / Richard Johnson / Rob Patrick              Tel: +44 20 7409 3494

 Vigo Consulting (UK Media & Investor Relations)           www.vigoconsulting.com (http://www.vigoconsulting.com/)
 Jeremy Garcia / Kendall Hill                              Tel: +44 20 7390 0238
 ginv@vigoconsulting.com (mailto: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
(http://www.globalinvacom.com/)

 

 

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