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7 June 2021
UniVision Engineering Limited
("UniVision", the "Company" or the "Group")
Update on proposed PDMR Dealing
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, further to the Company's announcement on 4 March 2021, it has been informed by its Chairman, Stephen Koo, that his non-binding Memorandum of Understanding ("MOU") with SinoCloud Group Limited, an investment holding company listed on the Catalist Board of the Singapore Stock Exchange ("SinoCloud"), to sell SinoCloud 200,959,700 of his ordinary shareholding in UniVision (representing approximately 52.4% of the issued share capital of the Company) (the "Proposed Transaction") has lapsed and his proposed sale of these shares to SinoCloud will not now proceed.
The Proposed Transaction had been subject to a number of pre-conditions. The parties have held various discussions since the signing of the MOU, but these discussions did not produce a definitive agreement within the three month exclusivity period contained in the MOU. As no definitive agreement has been entered into and there is no intention to extend the exclusivity period, the MOU has accordingly lapsed.
SinoCloud has also made a regulatory announcement to the Singapore Stock Exchange regarding the lapsing of the MOU today.
For further information visit www.uvel.com or contact:
UniVision Engineering Limited | Tel: +852 2389 3256 |
Stephen Koo, Chairman | |
Danny Kwok Fai Yip, Finance Director | |
Nicholas Lyth, Non-Executive Director | Tel: +44 (0)7769 906686 |
SPARK Advisory Partners Limited (Nominated Adviser) | Tel: +44 (0)20 3368 3551 |
Mark Brady / Neil Baldwin | |
| |
SI Capital Limited (Broker) | Tel: +44 (0)1483 413500 |
Nick Emerson
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