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For immediate release: 4 January 2022
UniVision Engineering Limited
("UniVision", the "Company" or the "Group")
Response re 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 (CCTV) 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 sub-contractors, namely, T&P Solutions Limited ("T&P"), formerly known as T&P Construction Company Limited, in the High Court in Hong Kong; alleging outstanding debts owed by the Company of HK$5,955,760 (approximately £565,280) in relation to contractual agreements between the Company and T&P. T&P has presented the petition ("the Petition") for the Company to be wound up pursuant to Section 117(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 2 March 2022.
The Company intends to defend and oppose the Petition. The Company has separately been advised that it has a cross claim against T&P, inter alia, for breach of contract and non-performance and it intends to claim damages for the same.
The Board is satisfied that the Company is prepared to meet the Petition should this be necessary.
The Company also believes that T&P is in breach of contractual agreements in the manner in which it has brought this petition and will be taking separate appropriate action in this regard.
Further announcements will be made if and when appropriate.
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 |
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| Nicholas Lyth, Non-Executive Director | Tel: +44 (0)7769 906686 |
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| SPARK Advisory Partners Limited (Nominated Adviser) | Tel: +44 (0)20 3368 3551 |
| Mark Brady / Neil Baldwin | |
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| SI Capital Limited (Broker) | Tel: +44 (0)1483 413500 |
Nick Emerson
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