UniVision Engineering Ltd Update on Director Share Transfer (3347R)
21 September 2017 - 12:21AM
UK Regulatory
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: +852 2389
3256
Stephen Koo, Chairman www.uvel.com
Chun Pan Wong, Chief Executive
Officer
Danny Kwok Fai Yip, Finance
Director
Nicholas Lyth, Non-Executive
Director +44 (0)7769 906686
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
The company news service from the London Stock Exchange
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