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Preliminary Statement regarding the British Referendum to leave the European Union (05.07.2016)

Satellite_Dish_1116337b

The Board of Directors (the “Board” or the “Directors”) of Global Invacom Group Limited (the “Company”, and together with its subsidiaries, the “Group”) refers to the results of the vote on 23 June 2016 in the United Kingdom (“UK”) on the referendum for Britain to leave the European Union (“EU”).

The UK’s impending departure from the EU – with negotiations expected to commence in the fourth quarter of the financial year ending 31 December 2016 (“Q4 FY2016”) as at the time of this announcement – has resulted in economic uncertainty. However, the Directors believe that the immediate impact on the Group’s satellite communications (“Sat Comms”) will not be significant.

The weakening of the British pound following the results of the vote is expected to have a favourable foreign exchange impact on the Group’s financial performance in the near to medium-term.  The Group incurs a significant portion of its operational and research and development costs denominated in sterling for activities carried out of its UK facilities, and buys some raw materials such as steel and components in United States (“US”) Dollars.  However, as almost all its revenue for Sat Comms equipment is denominated in US Dollars, the weakening of the pound against the dollar will offer some foreign exchange advantages in the near term.

Depending on the outcome of trade negotiations between the UK and the EU following the formal exit, the Group may consider establishing a logistics hub in an EU country in order to continue tariff-free transactions via a possible UK-EU Free Trade Agreement to be negotiated.

While the UK may experience an economic slowdown following the referendum, historical trends have shown that consumption of satellite-streamed content and data increases during such recessions.  Such a development, with more audiences staying home for longer periods of time consuming media entertainment, could benefit its major UK client BSkyB.  The Group supplies BSkyB with satellite dishes and circuit boards for set top boxes.

The Group will continue to assess the implications following the outcome of the British referendum and will keep shareholders informed of any material developments that could impact the business.

 

 

BY ORDER OF THE BOARD

 

 

Anthony Brian Taylor

Executive Chairman

 

5 July 2016

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McDonald welcomes statement that Taoiseach will establish National Forum to discuss Brexit implications for Ireland (02.07.2016)

Mary Lou McDonald

Sinn Féin Deputy Leader Mary Lou McDonald TD has welcomed a statement today from Fine Gael Minister of State for European Affairs Daragh Murphy TD, that the Taoiseach Enda Kenny is to establish a national forum to discuss the aftermath of the Brexit referendum and its implications for Ireland, North and South.

Mary Lou McDonald said:

“I welcome the statement today from the Minister of State for European Affairs F Daragh Murphy TD, that the Taoiseach Enda Kenny is to establish a national forum to discuss the aftermath of the Brexit referendum and its implications for Ireland, North and South”.

Sinn Féin’s Party Leader Gerry Adams TD wrote to the Taoiseach on Friday asking him to consider establishing a Forum to discuss the future for the people of this island – North and South – and the European Union following the Brexit vote, and that Mr Kenny meet with him and other political leaders to discuss the proposal.

“I believe any such forum should aim to have island-wide participation and involve the Assembly parties, the Oireachtas, the European Parliament and civic society”.

“The vote of the clear majority of citizens in the North who want to remain in the EU must be respected and defended”.

“The Remain vote brought together unionists, nationalists, republicans and others in common cause on the same platform”.

“Those who campaigned for a Leave vote should also be invited.

“There is an imperative on all of those who are concerned about the consequences of the Brexit vote to work together in the time ahead”.

“A Forum, similar to the New Ireland Forum and the Forum for Peace and Reconciliation, should be open to all political parties on the island”.

“It would have the clear objective of discussing the implications of Brexit and producing papers on strategies and policies that might assist in coordinating efforts in the time ahead.”

Extraordinary Plenary Session in the European Parliament on Brexit; the anxious future is to touch after the MEP discussed the outcome in the Chamber!

EuroPyro X

Gianni Pittella said: “This is no time for polemics. This is a historic event, we need clarity. Do we get clarity from the Brexit side? Difficult to see why all of a sudden there’s no clarity.” (European Parliament, 2016).

There are many of these days when one Member State have taken the vote to leave the Almighty European Union and their Organizations. This is rare occasion that shows the ramifications on the European continent. The leadership of Europe and Britain will be tested and go through fire, what we as Europeans can hope for is humility from the different partners and regulators. The Nobility of President of the European Parliament Jean-Claude Juncker shows of a man who has been punched in the stomach and tries to sustain the honor of fellow kin; while the others in Parliament we’re either ignorant, pan-Eurocentric or just wanting to speak of honoring the vote of confidence of other Eurosceptic. This is the start of the solution.

As the MEP spoke, this is how the Plenary Meeting we’re presented:

“The European Parliament held an extraordinary plenary session in Brussels on Tuesday 28 June for MEPs to discuss and vote on a resolution assessing the outcome of the UK referendum and its consequences for the European Union. European Commission President Jean-Claude Juncker and Council representatives also took part” (European Parliament, 2016).

The Northern Ireland MEP Martina Anderson said:

“There was a democratic vote, we voted to remain [in Northern Ireland]. I tell you, the last thing that the people of Ireland needs is an EU border with 27 member states, stuck right in the middle of it” (…)”The EU has supported our peace process,” she said. “I ask you to continue to do that” (…) “MEPS like Diane Dodds and Marine Le Pen would say that we in the North of Ireland are bound by a UK vote. We say we are not. Like the previous MEP Mr Smith, we ask you to respect our vote. We stand by the vote of the people from the North of Ireland, just like Scotland which voted remain. We accept, we respect and we will defend the wishes of the people of the North of Ireland.” (European Parliament, 2016).

The Scottish MEP Alyn Smith said:

“While I am proudly Scottish, I am also proudly European. Please remember Scotland did not let you down and I beg you colleagues, do not let Scotland down now.” (European Parliament, 2016).

Nigel Farage 28.06.2016

The English MEP Nigel Farage Said:

“The United Kingdom will not be the last member State to leave the European Union.

“It is up to the British Government to invoke article 50. And I have to say that I do not think that we should spend too long in doing it” (…) “What I’d just be pragmatic, sensible, grown-up, realistic, and let’s get between us a sensible tariff-free deal and thereafter recognise that the United Kingdom will be your friend, that we will trade with you, we will cooperate with you, we will be your best friends in the world. But do that sensibly and allow us to go off and pursue our global ambitions and future” (…) “The only upheaval is political upheaval where we see the Prime Minister resigned and indeed the British Commissioner Lord Hill resigned. They both have done so for the right reasons. You never know, we might be getting rid of the Labour Party Leader as well. But upheavals in politics can actually be a very healthy and very good thing” (European Parliament, 2016).

The Answer from President Jean-Claude Juncker:

““You can’t leave a nation up to its nationalists. You have to respect the nations, but you don’t need to respect the nationalists, they are not patriots, they are anti-Europeans. They are not patriots at all.” (…) “The UK didn’t vote on austerity policies, they didn’t vote on the protection of external borders. The UK is not a member of the euro zone, so the euro policies does not apply to the UK. The UK is not a part of the Schengen area so the United Kingdom is a master of its own borders.” (European Parliament, 2016).

First rebuttal from Nigel Farage:

“”Isn’t it funny? When I came here 17 years ago and I said that I wanted to lead a campaign to get Britain to leave the European Union, you all laughed at me. Well, I have to say you are not laughing now, are you?” (…) “And the reason you are so upset, the reason you are so angry has been perfectly clear from all the angry exchanges this morning: you, as a political project, are in denial. You are in denial that your currency is failing, you are in denial… well, just look at the Mediterranean.” (European Parliament, 2016).

Jean Claude Parliament 28.06.2016

First Rebuttal from Jean-Claude Juncker:

“I am sad after the vote in the UK. I really would have liked that the UK would have decided to stay with us but they decided differently” (…) “I’m sad because I’m not a robot, a bureaucrat or a technocrat. I’m a human being and I regret the results of the referendum” (…) “I would like the UK to clarify its position. We cannot allow ourselves a prolong time of uncertainty period. There won’t be secret negotiations. No notification, no negotiation” (…) “We need to reassure Europeans. Our flight continues, our journey continues” (European Parliament, 2016).

The European Parliament President Martin Schulz:

“The will of the majority of citizens of the United Kingdom must be done. It has to be respected and that is why we will be looking today intensively at the issue of Article 50 and its triggering.” (European Parliament, 2016).

If these words don’t prove something, then nothing does. We can see the liability of the vote and now the fragile situation that is created between the United Kingdom and the European Union. Certainly the situation does not become better with the consideration and rhetoric used by either UKIP Nigel Farage or European Commission President Jean-Claude Juncker. The words between UKIP leader and European Commission President we’re not worthy of Parliament, reasons why I didn’t address the Le Pen or other ‘Nationalist’ who wants to coin in on the current affairs instead of creating progress. I am not a man who supports the EU, but still see the value of integrity and transparency between the counter-parts of Europe and collaboration of the Union.

1916 UK Cartoon

With that in mind, the Northern Ireland and Scottish MEPs represented their constituency with honor and also respecting the vote, still wishing to be taken serious as people and voters who wanted to ‘Remain’, they proved the hard task of Nobility towards the Brexit Referendum in the whole United Kingdom and their own constituency, a reason alone why the other MEPs respected their words and character. While after this, Nigel Farage continued his flabbergasting words and acting as brute, instead of happy victor with some clarity. Farage was like a kid who finally gotten his candy he had nagged for the whole car-trip. Instead of being a Politician with humility and trying to commend the Union, as he forgets or trips on the escape button; like Farage doesn’t know that the levels for leaving the Union the rubberstamp by the fellow MEPs who are responsible to accept the agreement between UK and EU in the near future.

While Jean-Claude Juncker is a disappointment, he can be right about how he perceive the Union, but the doubt of the centralized organization of Brussels that many Europeans have a problem with, and doesn’t need to be nationalist or right-wing separatist, more about the question on being Sovereign, which is major question towards the EU. But, his attitude and quarrel with Farage, doesn’t make him look bigger, instead like a little kid losing his favorite toy. That is not the look the ‘aftermath’ of the UK referendum needs.

Gianni Pitalli 28.06.2016

What the Italian MEP Gianni Pittella said was spot on, as the Italian sees the big picture and the accurate vivid the uncertainty and needed for clarifications on the United Kingdom and the EU leaving as the Member State of the Union. The Italian are representing something refreshing and other in the debate, as the Scottish and Northern Ireland MEPs are respectable, but also wishing to be considering as special candidates for Membership in the future it seems. This is as the England and Wales population; we’re the majority voted on the whole of referendum. While the other we’re either biased for the Nationalistic or Eurocentric that the ideas of addressing it with equal sense and clarity, instead of being there to act upon the decision made by the British public with care and honor. Certainly some like EU Commission President Juncker acted wrong… he acted with the sense and talked with caution instead of childish towards Farage, there would be a better taste in my mouth as an outsider.

Lamberts Greens 28.06.2016

But let me not forget what MEP Greens Belgium Phillippe Lamberts: “No wall will be high enough and thick enough to isolate Europe from the challenges of the 21st century” (…) “Today you can only have sovereignty if you share that sovereignty” (European Parliament, 2016).

We can question the future and how this will end, if the EU negotiations towards the UK will be in the fashion of the Commission President, then the Farage should take care of his words, while the bureaucracies on both sides have to be solid and clear on their programs, as the monetary policies and the exclusions from the current programs from the EU will hit the UK with unknown consequence, as the EEA or other possible tangible ways in the Single-Market of Europe still will be on the line. The matter of the tone and progression as respectable men should be in the end the level of concern between the negotiators.

What is worrying that the level of attitude from men likes Nigel Farage, not that I am shocked as he does have the con-man, the fraudster and the snake-oil salesman smile and attitude that cannot be taken away from him. The United Kingdom must hope they send some talented and wise consular towards the European Union when they are pushing the Article 50 and triggering the 2 Year time-table to become a Non Member State. This is a reform and reformation takes time and UK need to take their time. While EU has to prove their Community and their Peace Project worthy and Juncker was not that today, I am disgusted by him and also by Farage, but Farage was more to expect then Juncker. Peace.

Reference:

European Parliament – ‘UK referendum: European Parliament debate on outcome and consequences’ (28.06.2016 – 10:00 CET) link: http://www.europarl.europa.eu/news/en/news-room/20160627STO33965/UK-referendum-MEPs-debate-outcome-and-consequences

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