Potential claim

RNS Number : 8987T

UniVision Engineering Ltd

01 April 2016

 

01 April 2016

UniVision Engineering Limited

("UniVision" or the "Company")

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, announces that it has become aware that Nan Ning Hai Li Real Estate Development Limited ("Hai Li") has initiated legal proceedings (the "Legal Proceedings") as plaintiff (the "Plaintiff") against Mr Stephen Koo ("1^st Defendant") and UniVision ("2^nd Defendant").

The Plaintiff submitted a writ of summons at the High Court of the Hong Kong Special Administrative Region Court (the "Court") and the Court had issued a writ of summons on 10 March 2016. As at the date of this announcement, neither Stephen Koo nor UniVision has received any court documents in relation to the Legal Proceedings. In the Legal Proceedings, the Plaintiff claims damages in respect of breach of contract and/or duty in respect of a share transfer agreement (the "Agreement") entered into by the Plaintiff and the 1^st Defendant on or about 14 December 2015 and a series of oral agreements between the Plaintiff, the 1^st Defendant, and the 2^nd Defendant represented by the 1^st Defendant made before and after the Agreement, resulting in the Plaintiff suffering loss and/or damages therefrom. Mr Koo and UniVision are of the opinion that the claim is highly opportunistic and without merit and will actively respond to the case and defend their position vigorously.

The directors will inform shareholders of any material development in respect of this potential claim.

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]  

Richard Morrison / Tim Cofman / Songdi Lin                                  www.zaicf.com          

 

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