Further Update Re Potential claim

RNS Number : 9724I

UniVision Engineering Ltd

05 September 2016

 

5 September 2016

UniVision Engineering Limited

("UniVision" or the "Company")

Further Update Re Potential claim against Mr Stephen Koo and UniVision

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, announced on 25 April 2016 that legal proceedings had been initiated by Nan Ning Hai Li Real Estate Development Limited ("Hai Li" or the "Plaintiff") against Mr. Stephen Koo ("1st Defendant") and UniVision ("2nd Defendant"). The Company further announced on 24 August 2016 that Mr Koo and Univision would be contesting the proceedings.

UniVision now announces that Mr. Stephen Koo and UniVision have today reached a settlement with the Plaintiff and have received a Notice of Discontinuance from the Plaintiff's solicitors pursuant to the Rules of the High Court with no order as to costs.

Mr. Stephen Koo and UniVision have instructed their legal counsel to give consent to the discontinuance of the action with no order as to costs. The Notice of Discontinuance is filed with the Court today. As such, filing of the Defence to the Statement of Claim is held up. 

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

UniVision Engineering Limited                                    Tel: [phone]

Stephen Koo, Chairman                                                  www.uvel.com   

Chun Pan Wong, Chief Executive Officer

Danny Kwok Fai Yip, Finance Director

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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