REG - Global Invacom Group - Notice of AGM & Audited Financial Statements

Global InvacomAnnouncement

11/04/2023 07:00

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RNS Number : 7189V  Global Invacom Group Limited  11 April 2023

 

 

GLOBAL INVACOM GROUP LIMITED

("Global Invacom", the "Company" and together with its subsidiaries the
"Group")

(Incorporated in the Republic of Singapore)

(Company Registration No: 200202428H)

 

 

POSTING OF ANNUAL REPORT, NOTICE OF AGM

AND

DIFFERENCES BETWEEN UNAUDITED AND AUDITED FINANCIAL STATEMENTS FOR THE
FINANCIAL YEAR ENDED 31 DECEMBER 2022

 

 

Singapore/London, 11 April 2023 - Global Invacom (SGX: QS9) (AIM: GINV), the
global provider of satellite communications equipment and electronics,
confirms its Annual Report and Accounts for the year ended 31 December 2022 is
now available for download on the Company's website at:
https://globalinvacom.com/pages/downloads
(https://globalinvacom.com/pages/downloads)

 

The Annual General Meeting ("AGM") will be held at 10.00 a.m. (SGT) on
Wednesday, 26 April 2023, at The National University of Singapore Society,
Suntec City Guild House, 3 Temasek Boulevard, #02-401/402 Suntec City Mall,
Singapore 038983.

 

The resolutions of the AGM, Form of Proxy and instructions for shareholder
participation can be found within the Annual Report.

 

The Board of Directors ("Board") of the Company refers to the announcement
released by the Company on 27 February 2023 in relation to its unaudited full
year financial statements ("Unaudited Financial Statements") for the financial
year ended 31 December 2022 ("FY2022"). Further reference is made to the
audited financial statements of the Group for FY2022 ("Audited Financial
Statements FY2022"). Shareholders of the Company are advised to read the
Audited Financial Statements FY2022 in its entirety in its annual report
FY2022, available as set out above.

 

Pursuant to Rule 704(6) of the Listing Manual of the Singapore Exchange
Securities Trading Limited, the Board wishes to announce that subsequent to
the release of the Unaudited Financial Statements for FY2022, and with the
finalisation of audit, there were variances between the Unaudited Financial
Statements for FY2022 and the Audited Financial Statements for FY2022.
Detailed information is set out below.

 

 

Consolidated Statement of Comprehensive Income

 

                           Unaudited  Audited  Variance
 Group                     US$'000    US$'000  US$'000

 Other operating expenses  (568)      (2,911)  (2,343)

 Other comprehensive loss  (677)      1,666    2,343

 Loss per share            (4.85)     (5.72)   (0.87)

The variances as shown above are due to the deregistration of a wholly-owned
subsidiary of the Group, Global Invacom Manufacturing (Shanghai) Co., Ltd in
the current financial year. In accordance with the accounting standard SFRS(I)
10 -  Consolidated Financial Statements, the Group is required to reclassify
the charge, previously attributed to the foreign currency translation reserve
and amounting to US$2,343,000, to profit or loss upon disposal. The
reclassification does not impact the net assets of the Group.

 

In accordance with SGX market practice, the Board 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.

 

 

BY ORDER OF THE BOARD

 

 

Gordon Blaikie

Executive Director

 

11 April 2023

 

 

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 / David Asquith            Tel: +44 20 7409 3494

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

 

About Global Invacom Group Limited

 

Global Invacom Group comprises a number of companies specialising in
innovative technology, products and solutions for the satellite ground
equipment sector. Uniquely, the Group provides fully integrated manufacturing
for most of its product lines providing additional quality and supply chain
assurance to a global blue-chip customer base in the satellite communications,
satellite TV and satellite navigation markets.

 

The Group has an established global presence with sales offices, research and
development centres and manufacturing facilities across the world, including
Singapore, China, Indonesia, the Philippines, Malaysia, Israel, the UK, and
the USA.

 

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 http://www.globalinvacom.com
(http://www.globalinvacom.com)

 

 

 

 

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