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.
28 July 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 sub-contractors, namely, KML Engineering Limited ("KML"), in the High Court in Hong Kong; in respect of outstanding debts owed by the Company of HK$2,096,531 (approximately £209,863) in relation to contractual agreements between the Company and KML. KML 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 27 September 2023.
The Company continues to negotiate with KML 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.
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For further information visit www.uvel.com or contact:
| UniVision Engineering Limited | Tel: +852 2389 3256 |
| Stephen Koo, Executive Chairman | |
| Peter Yip Tak Chan, Chief Executive Officer | |
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| SPARK Advisory Partners Limited (Nominated Adviser) | Tel: +44 (0)20 3368 3550 |
| Mark Brady / Neil Baldwin | |
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| SI Capital Limited (Broker) Nick Emerson | Tel: +44 (0)1483 413500 |
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