Univision Engineering Share Discussion Threads

[knigel] 15/3/2022 14:51

Maybe they are trying to reach an out of court agreement - we can only hope...

[noirua] 15/3/2022 14:49

RNS: UniVision (AIM: UVEL), the Hong Kong based group whose principal activities are the supply, design, installation and maintenance of closed-circuit television (CCTV) and surveillance systems, and the sale of security related products, announces that, further to its announcement on 4 January 2022, the Court hearing in respect of the Winding up petition has now been adjourned until 19 April 2022.

[noirua] 11/3/2022 15:15

From what I can see no judgement has been made as yet:

[knigel] 09/3/2022 16:41

Doesn’t make sense - I can only presume either the date was deferred or there was no conclusion and a follow up court date will/has been arranged - but poor show not telling shareholders

[noirua] 09/3/2022 13:19

Court Hearing was set for Tuesday 2 March 2022.

[noirua] 18/1/2022 14:21

Thanks zangdook.

The song in the header is being translated into Mandarin. No doubt it comes out as hopeless. Anyway, there you goes anyway.

[zangdook] 17/1/2022 17:02

The RNS said they were formerly known as T&P Construction Company Limited. They don't seem to have updated their online presence with their new name.

[noirua] 17/1/2022 14:49

I'm unable to find T & P Solutions Limited in general searches in Hong Kong. So maybe I need a Chinese translation.

[knigel] 04/1/2022 10:47

I did wonder if this could get nasty..

[noirua] 04/1/2022 10:45

(AIM: UVEL), announces that it has received a petition that has been brought by one of its sub-contractors, namely, T&P Solutions Limited ("T&P"), in the High Court in Hong Kong; alleging outstanding debts owed by the Company of HK$5,955,760 (approximately GBP565,280) in relation to contractual agreements between the Company and T&P.

T&P has presented the petition for the Company to be wound up pursuant to Section 117(1)(d) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32) in Hong Kong. The date of the Court hearing has been set for 2 March 2022.

The Company intends to defend and oppose the Petition. The Company has separately been advised that it has a cross claim against T&P, inter alia, for breach of contract and non-performance and it intends to claim damages for the same.

The Board is satisfied that the Company is prepared to meet the Petition should this be necessary.

The Company also believes that T&P is in breach of contractual agreements in the manner in which it has brought this petition and will be taking separate appropriate action in this regard.

[ This matter had already been announced in the Half Year Results and changes very little. ]

[belfry17] 31/12/2021 09:46

There seems to be someone buying big chunks, which previously were around 100,000 and are now larger. Could be the same person.

[noirua] 30/12/2021 19:05

I've removed some items from the header as it might be difficult for any person accessing from Hong Kong, should there be a check on their computer or hand held device by the authorities.

[belfry17] 30/12/2021 14:14

I too have taken no action as it doesn't change what I am hoping for (company/ share sale and contract extension/ additions). The problem now is if there is a 100% rise then it isn't to a very high price.

[noirua] 30/12/2021 11:54

Dispute with a subcontractor has held back progress on the major contract with MTRC.

UVEL Believes that the sub-contractor performing installation works as part of the contract has under-performed tasks. This has resulted in major delays in the MTRC project and also increased costs, as the company has used its own resources to complete the outstanding work.

MTR Corporation is the Company's largest customer in this financial period with the implementation of the Major Contract.
The Company is on the list of Approved Specialist Contractors for Public Works under the category "Video Electronics Installation". As such, Electrical and Mechanical Services Department ("EMSD"), Hong Kong Police Force ("HKPF") and Correctional Services Department ("CSD") of the Hong Kong Government also provided another source for business income.

In particular, with our successful deployment of Video Analytic System for the first Smart Prison in Hong Kong, the Company would anticipate more business opportunities with "CSD" in other potential projects.

The Government has announced new infrastructure projects including the new railway lines and urban development in northern territories. Those projects will include large scale CCTV systems for safety protection. With our technical expertise and project experience in the security industry, the Company has a competitive advantage to tender these potential projects.

Gross profit margin in the construction business rose from 23% to 30.5%. This was mainly due to numerous jobs completed and recognised project income during the reporting period.

To manage the execution of the Major Contract, the Company has employed professional and technical staff, including a number of system design and networks engineers. The number of staff was 76 as at 30 September 2021 (H1 2020: 78).

Finance costs increased to HK$827k (2020: HK$378k) as a result of increased adoption of trade finance and creation of new term loans.
During the reporting period, the Company raised new term loans from HSBC with amount HK$23.9m of which HK$10m is for financing the deposit placed for a life insurance policy as additional security for the banking facility.
The Company is required to pay the principal and interest monthly. The interest payable for trade finance and factoring were charged at the bank's Hong Kong Dollars Best Lending Rate, currently 5% per annum.

The profit attributable to the equity holders of the Company for the period is HK$1.5m [£142k] (2020 underlying profit: HK$1.8m). Profit before interest and income tax from operations during the period was HK$2.3m [£218k] (H1 2020: HK$4.2m).

[knigel] 30/12/2021 10:53

True - other parts of the business seem to be doing “fine” but the negative cash position as at 30 September is a concern (possible placing next year?). Must be a large sell in the background as most buys this morning so far and share price isn’t moving..

[zangdook] 30/12/2021 10:37

Presumably this was known about and that's why we had a reduced dividend this year.

[knigel] 30/12/2021 09:28

I did think about selling but not yet - no mention of whether the company will be taking this contractor to court considering there’s a dispute? Can’t see a dividend this year..

[dave4545] 30/12/2021 09:18

I took the hit £5k

we move on

[knigel] 30/12/2021 09:17

Results out - obviously the markets are not reactionary well to the profits warning - will read though the figures later :-(

[terminator101] 30/12/2021 09:17

Looks grim here..... "Since the key network equipment for the contract has now changed, the Company is required to purchase a large amount of new equipment from a separate supplier. Cash resources are required to purchase the new equipment, it also requires time and manpower to check with MTRC for matching, replacement and compatibility with the existing equipment."

[noirua] 23/12/2021 14:35

Matters look to have changed:

[zangdook] 23/12/2021 13:43

Housing in Hong Kong is the most expensive in the world.





"For the 11th year in a row, Hong Kong tops the list as the least affordable city in terms of housing prices."

[knigel] 23/12/2021 13:40

Depends if food and housing costs are lower too - it’s all relative

[zangdook] 23/12/2021 12:09

You have to have a year's experience and be trilingual (via Google Translate):

Responsibilities:-

-Handle site documents and reports, follow up the progress of the renovation project, and assist the designer in completing the project

-Assist responsible for site supervision, handle daily site management matters, supervise project construction procedures, safety measures, and worker arrangements to ensure progress and quality

-Be punctual and obey the boss's prompts

-Supervision Engineering

-Follow up the progress of the project

condition:-

-Form 5

-1 year or above experience

-Good handling of Word, Excel word processing

-Good communication skills, including Cantonese, English and Mandarin

-Good command of written Chinese and English

-Priority is given to those who can go to work immediately

All that for £267 a month.

[zangdook] 23/12/2021 12:07

These aren't training schemes, Dave. Experience is required for all these jobs, even the $2800 supervisor.