Univision Engineering Share Discussion Threads

[knigel] 05/7/2023 13:00

Read further down the report - fine for the next twelve months - and a possible significant investment in the works.
It was already priced to fail..

[babbler] 05/7/2023 12:34

Why?MATERIAL UNCERTAINTY RELATED TO GOING CONCERNThe Company reported a loss of GBP256k for the six months ended 30 September 2022. As at 30 September 2022, the Company's equity attributable to the owners of the Company amounted to a deficit of GBP2,411,164 and its current liabilities exceeded its current assets by GBP4,850k. The Company's bank borrowings were collateralised by its deposits placed for life insurance policies of GBP2,199k. The Company had total unrestricted cash and bank balances of GBP271k. These conditions indicate that a material uncertainty exists that may cast a significant doubt on the Company's ability to continue as a going concern.

[zangdook] 05/7/2023 11:28

I almost wish I had the nerve to average down but I have a ridiculous amount already.

[johnjames876] 05/7/2023 11:21

Suspension soon

[knigel] 05/7/2023 11:10

Definitely moving up sharply atm..

[noirua] 04/7/2023 23:38

The share price moves sharply up and down with no large trades to be seen. So it's not possible to be sure where the price goes very short term. If a 5 million share trade comes in the Market Makers will be in abject shock and will fall off their chairs.

[knigel] 04/7/2023 15:50

Some more buying today :-)

[noirua] 29/6/2023 10:15

UVEL appear financed for a year or two and likely to receive a reasonable sum from the cancelled MTR contract. They also are sure to get contracts from the two largest railway companies in China and prison contracts in Hong Kong.

Sold down too far with most legal problems settled may rebound to 0.5p short term.

[knigel] 29/6/2023 10:12

Manage to get £750 worth - seems like the share price will move fast on any significant buying (or selling). Hopefully more updates soon - should have got some yesterday - well done Noirua! (Hopefully a rising share price will make funding easier)

[knigel] 29/6/2023 09:08

Difficult to buy this morning..

[noirua] 28/6/2023 10:00

I've increased my holding to just 2m shares and will consider adding more as we go along. The average price paid is now 0.2754p so still way adrift.

[noirua] 19/6/2023 12:33

I did a dummy buy trade of 1,037,506 shares and a price of 0.20p came up. My present holding is 962,494 bought at an average price of 0.464p.
The later price offered was 0.15p with 3.6 million available. I do not have a clue what the correct price should be.
20/6/2023 - dummy trade 1,500,000 shares at 0.144p buy - sell is at 0.05p for a market spread of 65.2% therefore beyond tradeable.

[zangdook] 19/6/2023 12:23

No trades yet. It's hardly surprising, we had a few days warning before suspension. If anyone wanted out at any price they could have gone then. But the situation is still too uncertain to buy imv, and anyway I already have more than is good for me.

[zangdook] 19/6/2023 08:02

0.1 to sell, 0.25 to buy. Sit tight and watch.

[zangdook] 19/6/2023 08:00

Well, that's good news. I don't know how to react though - buy more? sell quick? - so I'll probably just sit tight and watch.

[noirua] 19/6/2023 07:55

Trading on AIM for the under-mentioned securities was temporarily suspended. The suspension is lifted from 19/06/2023 at 7:40 am, the half-yearly report having been published.
You were spot on zangdook they were waiting for the Half Year Results.

[zangdook] 19/6/2023 07:05

Will we now come out of suspension with the release of the interim results?

(I don't understand why we haven't been delisted as we've been suspended over six months, but maybe there's a reason.)

[noirua] 10/6/2023 12:01

The header is being updated as crossing my fingers that Univision UVEL will recover from here under the guidance of Chairman Stephen Koo.

[noirua] 09/6/2023 16:35

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 12:41

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 08:11

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 15:05

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 10:04

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.

--------

[ 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 10:01

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 18:57

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.