UniVision Engineering Ltd Director Share Transfer (1851J)

TIDMUVEL

RNS Number : 1851J

UniVision Engineering Ltd

07 September 2016

7 September 2016

UniVision Engineering Limited

("UniVision" or the "Company")

Director Share Transfer

UniVision (AIM; UVEL), the Hong Kong based group whose principal activities are the supply, design, installation and maintenance of closed circuit television and surveillance systems, and the sale of security related products, announces that Stephen Koo, Chairman of UniVision, has signed a Memorandum of Understanding ("MOU") with Nan Ning Hai Li Real Estate Development Limited ("Hai Li") on 6 September 2016 agreeing to reinstate the Sale and Purchase Agreement that was signed on 14 December 2015 but expired on 14 January 2016.

Under the MOU, Stephen Koo has agreed to sell UniVision Ordinary Shares ("Ordinary Shares") equating to 41 per cent of UniVision for 32.8m RMB to Hai Li. It is intended that the consideration will be fully paid by Hai Li within 12 months from the MOU having been signed.

In addition, Stephen Koo has entered into another Sale and Purchase Agreement with Hai Li on 6 September 2016, agreeing to sell a further 10 per cent of his holdings in UniVision for 8m RMB. The payment will be completed within 12 months after the agreement has been signed.

Any share transfer referred to above, will be subject to compliance with the Hong Kong Code on Takeover and Mergers.

Subsequent to the settlement of the above mentioned transactions, Stephen Koo will hold 84,028,266 Ordinary Shares which equates to 21.9% of the total issued shares capital of the Company.

For further information visit www.uvel.com or contact:

 
 UniVision Engineering Limited      Tel: [phone] 
                                     3256 
 Stephen Koo, Chairman              www.uvel.com 
  Chun Pan Wong, Chief Executive 
  Officer 
  Danny Kwok Fai Yip, Finance 
  Director 
 
 Nicholas Lyth, Non-Executive 
  Director                          [phone] 
 
 ZAI Corporate Finance Limited      Tel: +44 (0)20 
  (Nominated Adviser and Broker)     7060 2220 
 Dugald J. Carlean /Tim Cofman      www.zaicf.com 
  /Songdi Lin 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 07, 2016 04:37 ET (08:37 GMT)