Response to Winding up Petition

UniVision Engineering Ltd

29 August 2023

 

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

29 August 2023

UniVision Engineering Limited

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

Response to Winding up Petition

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 received a petition that has been brought by one of its suppliers, namely, Synnex Technology International (HK) Limited ("Synnex"), in the High Court in Hong Kong; in respect of outstanding debts owed by the Company of HK$11,455,983 (approximately £1.158 million) in relation to payments under a deed of settlement entered into between the Company and Synnex on 30 January 2023. Synnex has presented the petition ("the Petition") for the Company to be wound up pursuant to Section 177(1)(d) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32) in Hong Kong. The date of the Court hearing has been set for 10 October 2023.

The Company continues to negotiate with Synnex and intends to defend and oppose the Petition.

As previously announced, the Board remains in negotiations with potential investors who are looking to make a substantial investment in the Company and it is satisfied that the Company will be able to meet the Petition should this be necessary.

Further announcements will be made if and when appropriate.

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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

 

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