Univision Engineering Share Discussion Threads

[noirua] 09/6/2023 15:35

For immediate release: 9 June 2023

UniVision Engineering Limited

("UniVision", the "Company" or the "Group")

Result of Annual General Meeting

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, is pleased to announce that, at the Annual General Meeting held today, all the resolutions were duly passed.

[noirua] 06/6/2023 11:41

AGM is down for June 9, 2023.


Friday 9 June

Finals: Industrials REIT (MLI)

AGMs: Arecor Therapeutics (AREC), Hochschild Mining (HOC), M P Evans Group (MPE), S4 Capital (SFOR), Univision Engineering (UVEL)

[zangdook] 23/5/2023 07:11

I wonder if they haven't been restored to trading because the interims for the 6 months to Sept 2022 are also overdue?

[zangdook] 20/5/2023 14:05

Thanks for the summaries. I'll need to make a cup of tea before I start on the full thing. I suppose we'll be readmitted to trading on Monday? I can't see the price doing anything nice though...

[noirua] 20/5/2023 09:04

Rearranged chosen information in short form:

The HK Government has announced new infrastructure projects including the new railway lines and urban development in northern territories. These projects will include a large CCTV system for safety protection. With the technical expertise and project experience in the surveillance industry, the Company has the competitive advantage to tender for these projects.

As announced on 29 September 2022, the Company is in negotiations with potential investors who are looking to make a substantial investment in the Company. Our Board regards that with the support of the potential investors, the Company will strengthen its financial and technical position to meet the challenge.

MTRC remains the Company's largest customer this financial year. In addition, the Electrical and Mechanical Services Department ("EMSD"), Hong Kong Police Force ("HKPC"), and Correctional Services Department ("CSD") of the Hong Kong Government are other sources of the Company's customer base.

Even though the Major Contract with MTRC was terminated, other job contracts and orders are still in progress. With the competitive advantage of our project experience in CCTV and network systems, the Company will expect more new projects from MTRC.

-- Administrative expenses decreased to GBP1.4 m (2021: GBP 1.73m). The decrease was caused mainly by a reduction in the number of staff.

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[ It looks as if time will probably resolve all of Univision's financial problems and the financial backing is extremely important in any turnaround. No doubt the company realises that a substantial contract is only fine provided no further Coronavirus outbreaks occur and that risk is far too great. ]

[noirua] 20/5/2023 09:01

Precise Financial situation in short form:

The Company reported a loss of GBP10,265,495 for the year ended 31 March 2022. As at 31 March 2022, the Company's equity attributable to the owners of the Company amounted to a deficit of GBP1,808,945 and its current liabilities exceeded its current assets by GBP4,030,769.

The Company's bank borrowings were collateralised by its deposits placed for life insurance policies of GBP1,865,308. The Company had total unrestricted cash and bank balances of GBP2750. These conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.

-- In October 2022, the Company obtained a loan facility of HK$12 million from a third party for short-term financing purposes.

-- A potential investor has agreed to provide financial support to the Company to maintain its normal operation. In addition, the potential investor has provided a standby unconditional facility of HK$20 million to the Company of which the Company will be able to draw down the facility to fulfill its financial needs.

-- With financial assistance from the potential investor, the Company has resumed a part of its business with the aim to attain profitable and positive cash flow operations in the coming financial year.

The Company will have sufficient working capital to finance its operations and meet its financial obligations,

[noirua] 19/5/2023 17:57

List of claims against Univision Engineering Limited both resolved and unresolved:

1) - MTRC - As announced on 17 June 2022, the Company has received formal notice of termination of its contract with MTR Corporation Ltd ("MTRC"), for the replacement works of the CCTV systems for MTRC's railway lines, for alleged breach of contract.
The Company contests this and continues to negotiate with MTRC to resolve the matter.
The Company has called for meetings with MTRC to (i) collect the retention amount of around HK$19.5m, which was the 10% retention money kept by MTRC; and (ii) clarify and quantify the unbilled work done including equipment, work done, testing in progress, system development and etc, .
The final position is to be verified by a joint inspection performed by the Company and MTRC.

2) - Synnex - The Company has reached a settlement agreement with Synnex. As announced on 16 February 2023, the petition has been dismissed by the High Court in Hong Kong on 13 February 2023.

3) - T&P Solutions Limited - As announced on 4 January 2022, our Company has received a petition that has been brought by one of its sub-contractors, namely, T&P Solutions Limited.
The petition has been dismissed by the High Court in Hong Kong on 18 October 2022. Costs have been awarded to UniVision on an indemnity basis.

4) - General Resources Company HL Limited - The Company has reached a settlement agreement with General Resources Company (HK) Limited on the repayment of a sub-contracting fee amounting to approximately HK$1,163,000 in installments in March 2023.

5) - Berkshire Hathaway - In addition, the Company has received a demand for indemnity of HK$11,68l,430.27 by Berkshire Hathaway Specialty Insurance Company ("Berkshire Insurance") in terms of a surety bond facility granted in 2017. The Company is in the final stage of negotiation with Berkshire Insurance to settle this amount by stage payment.

6) - KML Engineering Limited - KML Engineering Limited, one of the Company's subcontractors, claims a total amount of HK$4,114,658.81 together with interest and legal costs in these proceedings. The Company has filed a partial admission in the amount of HK$2,096,530.70 which has been accepted by KML Engineering Limited in satisfaction of its whole claim. As a result, Judgment has been entered on 6 March 2023 against the Company respecting the amount of HK$2,096,530.70 in 3 monthly installments payable on the 1st day of each calendar month starting from 1 April 2023 with fixed costs at HK$11,045.00.

7) - E- Star Engineering Limited - On 24 April 2023 upon application of E-Star Engineering Company, one of the Company's subcontractors, the Court has made an Order for E-Star Engineering Company to enter summary judgment against the Company as the Defendant in these proceedings regarding the principal sum of HK$1,503,276.50 with interest (whereas interest accrued as of 24 April 2023 is in the sum of HK$302,870.04) against part of the claims with legal costs in respect of a such application to be paid by the Company to E-Star Engineering Company summarily assessed at HK$90,673. By the same Order, the Company has been granted unconditional leave to defend against E-Star Engineering Company's residual claim of HK$213,360.00. These proceedings are now pending the filing of E-Star Engineering Company's Amended Statement of Claim as regards the Residual Claim. Before the close of pleadings, it is uncertain as to the probable outcome in respect of the Residual Claim. Similarly, it may be improbable to give an estimate of the ultimate liability or amount to be realised as to the Residual Claim at this stage.

8) - Hang Cheon Engineering Limited - Hang Cheong Engineering Limited, one of the Company's subcontractors, claims a total amount of HK$806,400.00 together with interest pursuant to ss.49 and 50 of the District Court Ordinance (Cap.336) and legal costs. The Company has filed an admission on the full amount of HK$806,400.00 as claimed by Hang Cheong Engineering Limited. The sum of HK$806,400.00 together with interest thereon at the rate of (i) 8% per annum from 28 December 2022 to 31 December 2022 and (ii) 8.169% per annum from 1 January 2023 to the date of the Judgment and thereafter at judgment rate until payment and fixed costs at HK$7,130.00.

9) - Dimension Data China Hong Kong Limited - As previously announced, the Company received a writ High Court Action No. 2090 of 2020, from the solicitors of Dimension Data China Hong Kong Limited, on 14 December 2020 alleging breach of contract, claiming against the Company for liquidated damages for an amount of HK$10.95m plus pre-judgment and post-judgment interest and legal costs.
The Board does not consider that the claim has any foundation and believes that Dimension Data was in breach of protocol in the manner in which it has brought this claim.
Both parties engaged a mediator for the statutory mediation on 17 August 2022.

[noirua] 19/5/2023 17:09

Final Results for the year ended 31 March 2022

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, today announces its audited final results for the financial year ended 31 March 2022.

The Annual General Meeting will be held at UniVision Engineering Limited, Unit 201, 2/F., Sunbeam Centre, 27 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong, on 9 June 2023 at 5:00 p.m.

The full Annual Report and Notice of AGM will shortly be posted to shareholders and be made available on the Company's website, www.uvel.com .

Highlights:-

-- Turnover decreased by 64.2% to GBP3.9m (2021: GBP10.9m);
-- Loss before income tax GBP10.27m (2021: profit GBP563K);
-- Cash flow used in operations GBP518K (2021: generated GBP34K);
-- Total Equity attributable to shareholders: negative GBP1.8m (2021: GBP8.2m);
-- Current ratio 0.6 (2021: 1.6); and
-- Loss per share 2.68p (2021: earning 0.15p)

[noirua] 18/5/2023 07:53

London Stock Exchange


Mailing Addresses:

[noirua] 12/5/2023 10:23

With no market quote, SK could more easily sell down his interest in Univision Engineering Limited. Should the shares be quoted I would suggest a 1 for 100 share consolidation (reverse split) so 0.22p becomes 22p a share. Also, all shareholders offered 3-year warrants on a 1 for 4 bases at 40p a share or whatever that works out at in HK$s.

I wonder how long China will stomach Hong Kong having dollars. That might be the next big row to erupt.

[noirua] 09/5/2023 13:23

April 24, 2023- - Suspended Companies Notice



This does seem to fit with what I was told and promised not to quote them. Now it seems surprising no RNS has appeared or that any permissions were granted.

[zangdook] 02/5/2023 01:45

This is a few years old now but I hadn't seen it.

[zangdook] 25/4/2023 09:40

I doubt Simply Wall St have any more recent information than the last published report which was over a year ago.

I suppose if MTR are dragging out the wrapping up of the contract they cancelled, that may explain why it's taking so long.

[noirua] 25/4/2023 08:52

This computerised position of Univision is the only one available at present showing short-term liabilities at £10.97m:

I can only guess that refinancing is very difficult and the principal factor for the holdup. Debt versus market cap or value in Hong Kong.

We will know the outcome shortly and the main signal if the Nomad resigns.

[zangdook] 13/4/2023 21:37

That's interesting. Did they get an extension, or is it standard to allow until the end of the calendar month?

[noirua] 13/4/2023 16:07

It appears that Univision Engineering UVEL has until 30 April to produce an Annual Report and Half Year Report.

29 September 2022 In addition, the Company announces that it is in negotiations with potential investors who are looking to make a substantial investment in the Company. Whilst these negotiations are advanced, the terms of any investment are not yet agreed and so there is no guarantee that the investment will proceed. Further announcements on this matter will be made as appropriate.

I understand that if anyone wants to know more they should speak directly to the company's Chairman: As to why no further announcement has been made.

[noirua] 11/4/2023 13:16

All is quiet on the Eastern front.
Nominated Advisor:
L.S.E. -

[noirua] 03/4/2023 15:46

Reminder only - 12/10/2022 11:50am


Loan Agreement

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 it has entered into a loan agreement with Webright Ventures Limited ("Webright"), a company incorporated in Hong Kong, to borrow HKD 12 million (approximately GBP1.38 million) from Webright.

The loan will be unsecured, will have a period of three months, and an interest rate of 8 percent. per annum. Around half the loan will be used as funds set aside ahead of the hearing of the Winding-up petition against UniVision, which was first announced by the Company on 4 January 2022 and is due to be heard in Court in Hong Kong on 18 October 2022.

Further to its announcement on 29 September 2022, the Company is still working with its auditors to complete its audit and publish its annual report, after which trading in the Company's ordinary shares on AIM is expected to recommence.

[noirua] 01/4/2023 14:08

AIM rules 18 and 19 - Deloitte


Exception: Finally, when it comes to AIM, should the securities of any company be suspended for six months, the securities will be be cancelled from trading unless an extension has been granted.

[zangdook] 01/4/2023 01:42

Well, unless they can sneak it in over the weekend I guess that's that.

I don't really understand why a small company's accounts could not be prepared even with six months of extra time.

[noirua] 31/3/2023 11:38

It is very expensive to re-list on AIM and only £9,000 as an annual fee so it is best for Univision to produce Annual Results today and then weigh matters up after doing this.

[noirua] 31/3/2023 08:09

Univision listed on 16 December 2005 so annual listing and nomad fees are due I should imagine. Although Chairman Stephen Koo would be very much aware of this.



Hong Kong time is 7 hours ahead of the UK.

[zangdook] 31/3/2023 04:38

Last day.
If they don't publish the accounts and we're delisted, will there be a relisting on AIM or elsewhere? A tender offer to take it private? Or will it just go bust and disappear?

[noirua] 26/3/2023 11:00

Univision Engineering Limited UVEL
COUNTDOWN - 31 March 2023 - Annual Report to 31 March 2022 due by April 1, 2023.

Days remaining before removal from AIM

Full Trading Days to go - remainder of Friday trading.

The last RNS: