Update on proposed PDMR Dealing

RNS Number : 0712B

UniVision Engineering Ltd

07 June 2021

 

RNS ANNOUNCEMENT: 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.

7 June 2021

UniVision Engineering Limited

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

Update on proposed PDMR Dealing  

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, further to the Company's announcement on 4 March 2021, it has been informed by its Chairman, Stephen Koo, that his non-binding Memorandum of Understanding ("MOU") with SinoCloud Group Limited, an investment holding company listed on the Catalist Board of the Singapore Stock Exchange ("SinoCloud"), to sell SinoCloud 200,959,700 of his ordinary shareholding in UniVision (representing approximately 52.4% of the issued share capital of the Company) (the "Proposed Transaction") has lapsed and his proposed sale of these shares to SinoCloud will not now proceed.

The Proposed Transaction had been subject to a number of pre-conditions.  The parties have held various discussions since the signing of the MOU, but these discussions did not produce a definitive agreement within the three month exclusivity period contained in the MOU. As no definitive agreement has been entered into and there is no intention to extend the exclusivity period, the MOU has accordingly lapsed.

SinoCloud has also made a regulatory announcement to the Singapore Stock Exchange regarding the lapsing of the MOU today.

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
Nicholas Lyth, Non-Executive Director	Tel: [phone]
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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