Publication of Annual Report and Accounts Delayed

RNS Number : 1852B

UniVision Engineering Ltd

29 September 2022

 

29 September 2022

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended.  On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.

UniVision Engineering Limited

("UniVision", the "Company" or the "Group")

Publication of Annual Report and Accounts delayed

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 needs more time to complete its audit and will have to delay the announcement of its results for the year ended 31 March 2022 and publication of its Annual Report and Accounts for the same period.

The Company, together with its auditors, need further time to assess the effects of the termination of its long-term major contract with MTR Corporation Ltd ("MTRC"), which was announced by the Company in June 2022, together with the up-to-date position with regard previously announced legal disputes including the winding-up petition and counter claims first announced on 4 January 2022, and now due to be heard by the court on 18 October 2022.  Whilst the termination of the MTRC contract occurred after the year end, the certification of work completed, invoicing and approval for work completed prior to the year end, which would normally take some months to finalise in the normal course of events,  is taking longer given the termination of the contract and the need for both parties to agree a final position.  Whilst there is currently no agreed position, the Directors believe that the results of this review may result in significant provisions affecting both revenue and contract debtors.

In addition, the Company announces that it is in negotiations with potential investors who are looking to make a substantial investment in the Company. Whilst these negotiations are advanced, the terms of any investment are not yet agreed and so there is no guarantee that the investment will proceed.  Further announcements on this matter will be made as appropriate. 

As a result of not being able to publish its Annual Report and Accounts by 30 September 2022 in accordance with AIM Rule 19, trading in the Company's ordinary shares on AIM will be suspended from 7.30am on Monday 3 October 2022.

Th e Company aims to complete its audit and publish its annual report within a matter of weeks of this announcement, post which trading in the Company's ordinary shares is expected to recommence.

Further updates will be made in due course.

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

UniVision Engineering Limited	Tel: [phone]
Stephen Koo, Chairman	www.uvel.com
Danny Kwok Fai Yip, Finance Director
SPARK Advisory Partners Limited   (Nominated Adviser)	Tel: [phone]
Mark Brady / Neil Baldwin	www. sparkadvisorypartners.com
SI Capital Limited (Broker)	Tel:  [phone] www.sicapital.co.uk

Nick Emerson

 

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