Global Invacom considering reverse takeover

SATELLITE communications equipment provider Global Invacom Group is contemplating "an acquisition which, if approved and completed, would constitute a reverse takeover", it announced in a London Stock Exchange (LSE) filing on Thursday.

The same announcement was subsequently made on the Singapore Exchange (SGX) on Thursday evening.

Global Invacom is listed on both SGX and the LSE's Alternative Investment Market (AIM). It requested a trading halt on SGX before the market opened on Thursday, with immediate effect. Trading in its shares has also been suspended on AIM until it can publish an admission document in relation to the acquisition or confirm that the acquisition is no longer being contemplated.

In the announcement, Global Invacom said: "The company stresses that the acquisition remains subject to negotiation with various counterparties and completion of due diligence satisfactory to the group. Accordingly, there can be no guarantee that the acquisition will complete or on what terms. The company will make further announcements in due course."