Director Share Transfer - Correction

RNS Number : 3403J

UniVision Engineering Ltd

08 September 2016

 

8 September 2016

UniVision Engineering Limited

("UniVision" or the "Company")

Director Share Transfer - Correction

The Company would like to correct the following inaccuracies in the third paragraph of the announcement released at 9:37am on 7 September 2016 under RNS Number: 1851J: Stephen Koo entered into another Sale and Purchase Agreement with Mr Xin Hai, the legal representative of Hai Li, not Hai Li itself as previously stated. Furthermore, the amount of shares should have referred to 10 per cent in UniVision and not 10 per cent of Stephen Koo's holdings in UniVision as previously stated. The full text of the amended statement is set out below:

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 Stephen Koo, Chairman of UniVision, has signed a Memorandum of Understanding ("MOU") with Nan Ning Hai Li Real Estate Development Limited ("Hai Li") on 6 September 2016 agreeing to reinstate the Sale and Purchase Agreement that was signed on 14 December 2015 but expired on 14 January 2016.

Under the MOU, Stephen Koo has agreed to sell UniVision Ordinary Shares ("Ordinary Shares") equating to 41 per cent of UniVision for 32.8m RMB to Hai Li. It is intended that the consideration will be fully paid by Hai Li within 12 months from the MOU having been signed.

In addition, Stephen Koo has 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. The payment will be completed within 12 months after the agreement has been signed.

Any share transfer referred to above, will be subject to compliance with the Hong Kong Code on Takeover and Mergers.

Subsequent to the settlement of the above mentioned transactions, Stephen Koo will hold 84,028,266 Ordinary Shares which equates to 21.9% of the total issued shares capital of the Company.

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

UniVision Engineering Limited	Tel: [phone]
Stephen Koo, Chairman Chun Pan Wong, Chief Executive Officer Danny Kwok Fai Yip, Finance Director	www.uvel.com
Nicholas Lyth, Non-Executive Director	[phone]
ZAI Corporate Finance Limited (Nominated Adviser and Broker)	Tel: [phone]
Dugald J. Carlean /Tim Cofman /Songdi Lin	www.zaicf.com

 

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