UniVision Engineering Ltd Response to Winding up Petition (6567K)

TIDMUVEL

RNS Number : 6567K

UniVision Engineering Ltd

29 August 2023

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

29 August 2023

UniVision Engineering Limited

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

Response to Winding up Petition

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 it has received a petition that has been brought by one of its suppliers, namely, Synnex Technology International (HK) Limited ("Synnex"), in the High Court in Hong Kong; in respect of outstanding debts owed by the Company of HK$11,455,983 (approximately GBP1.158 million) in relation to payments under a deed of settlement entered into between the Company and Synnex on 30 January 2023. Synnex has presented the petition ("the Petition") for the Company to be wound up pursuant to Section 177(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 10 October 2023.

The Company continues to negotiate with Synnex and intends to defend and oppose the Petition.

As previously announced, the Board remains in negotiations with potential investors who are looking to make a substantial investment in the Company and it is satisfied that the Company will be able to meet the Petition should this be necessary.

Further announcements will be made if and when appropriate.

ENDS

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

 
 UniVision Engineering Limited                    Tel: [phone] 
 Stephen Koo, Executive Chairman                         www.uvel.com 
 Peter Yip Tak Chan, Chief Executive 
  Officer 
 
 SPARK Advisory Partners Limited             Tel: [phone] 
  (Nominated Adviser) 
 Mark Brady / Neil Baldwin             www. sparkadvisorypartners.com 
 
 SI Capital Limited                           Tel: [phone] 
  (Broker)                                        www.sicapital.co.uk 
 

Nick Emerson

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END

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August 29, 2023 05:26 ET (09:26 GMT)