Publication of Annual Report and Accounts delayed

UniVision Engineering Ltd

27 September 2023

 

27 September 2023

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 2023 and publication of its Annual Report and Accounts for the same period.

The Company, together with its auditors, need further time to assess the up-to-date position with regard previously announced legal disputes including the winding-up petitions brought against the Company announced on 28 July, 29 August and 14 September 2023.  These petitions are being opposed by the Company and it remains in negotiations with all parties. The first of these petitions was due to be heard in the High Court in Hong Kong today, 27 September 2023, but was adjourned until 11 October 2023.

In addition, no agreed position has yet been reached with MTR Corporation Ltd ("MTRC") in respect of the termination, by MTRC, of its long-term contract with the Company in June 2022; negotiations continue in respect of an agreed settlement and further announcements will be made as appropriate.

As previously announced, the Company remains in extended 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 still to be agreed and so there can be 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 29 September 2023 in accordance with AIM Rule 19, trading in the Company's ordinary shares on AIM will be suspended from 7.30am on Monday 2 October 2023.

The Company aims to complete its audit and publish its annual report as soon as possible, after which trading in the Company's ordinary shares is expected to recommence.

Notwithstanding the temporary suspension of trading in the Company's ordinary shares, the Company will continue to make announcements as and when there are developments that requirement announcement in accordance with its obligations under the AIM Rules for Companies.

Further updates will be made in due course.

~ ENDS ~

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

UniVision Engineering Limited	Tel: [phone]
Stephen Koo, Executive Chairman	www.uvel.com
Peter Yip Tak Chan, Chief Executive Officer
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

 

END