UniVision Engineering Ltd Update on Director Share Transfer (3347R)

TIDMUVEL

RNS Number : 3347R

UniVision Engineering Ltd

20 September 2017

20 September 2017

UniVision Engineering Limited

("UniVision" or the "Company")

Update on 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 further to the announcement on 7 September 2016 regarding the sale of shares by Stephen Koo Chairman of UniVision to Nan Ning Hai Li Real Estate Development Limited ("Hai Li"), Stephen Koo, had, by 19 September 2017, not received the consideration for this transaction.

As announced on 7 September 2016 and its correction on 8 September 2016, Stephen Koo, signed a Memorandum of Understanding ("MOU") with Hai Li on 6 September 2016 agreeing to reinstate the Sale and Purchase Agreement that was signed on 14 December 2015. Under the MOU, Stephen Koo had agreed to sell UniVision Ordinary Shares equating to 41 per cent of UniVision for 32.8m RMB to Hai Li. In addition, Stephen Koo entered into another Sale and Purchase Agreement with Mr. Xin Hai, the legal representative of Hai Li, on 6 September 2016, agreeing to sell a further 10 per cent shareholding in UniVision for 8m RMB. A further term of the transactions was that payment would intended to be completed within 12 months after the agreement had been signed.

Though the MOU and the Sale and Purchase Agreement expired on 6 September 2017, Stephen Koo has agreed with Hai Li and Mr. Xin Hai that the final date for the settlement of consideration will be extended to 30 September 2017. Interest and a penalty will be charged for the delayed transaction.

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 
 
 

This information is provided by RNS

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September 20, 2017 10:21 ET (14:21 GMT)