Update re: Demerger of Leader Smart Engineering

RNS Number : 0121J

UniVision Engineering Ltd

31 March 2015

 



31 March 2015

                   UniVision Engineering Limited                      

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

    Update on the Proposed Demerger of Leader Smart Engineering Limited (Leader Smart)

UniVision, the AIM quoted, Hong Kong based designer and installer of digital surveillance and integrated security systems announces that the Board of Directors of the Company has today approved the demerger the Group's Electrical and Mechanical ("E&M") and property division from its core security and surveillance business (the "Proposed Demerger").

Following the announcement regarding the Proposed Demerger on 2^nd December, 2014, the Group has set up a BVI incorporated company as the new holding company for Leader Smart, Leader Smart Holdings Limited which is wholly-owned by the UniVision. To restructure the Group, a Sales and Purchase Agreement (the "Transfer Agreement") for all issued shares in Leader Smart Engineering Limited has been made between UniVision and Leader Smart Holdings Limited. The Board approved all the terms of the Transfer Agreement on 31^st March, 2015.

The demerger will be effected by the way through an 'in-specie' distribution of shares to Univision's shareholders. To facilitate the distribution, Leader Smart Holdings Limited will issue and allot new shares up to the appropriate number of shares that each qualifying shareholder who holds one share of UniVision will be entitled to receive one share of Leader Smart Holdings Limited.   

The Company is in process of getting all necessary regulatory and tax clearances, and so there can be no certainty that the Proposed Demerger will go ahead.

Should all regulatory and tax clearances be obtained further details of the management, strategy and off-market dealing facilities in Leader Smart Holdings Limited's shares will be announced to the shareholders.

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                                                                     www.zaicf.com           

 

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