Update on agreement to sell shares owned by S Koo

RNS Number : 9719I

UniVision Engineering Ltd

05 September 2016

 

5 September 2016

UniVision Engineering Limited

("UniVision" or the "Company")

Update on agreement to sell shares owned by Stephen Koo

Further to the announcement on 23 February 2016 regarding the sale of ordinary shares in the Company ("Sale and Purchase Agreement") , by Mr Stephen Koo, the Chairman of the Company, to Yi Sheng Technology Ltd ("Yi Sheng") 逸生科技, a company under the control of Derun Group and to Beijing Hang Tian ("Hang Tian") 北京航天正华("the Parties"), the Company announces today that the Parties have signed a Memorandum of Understanding ("MOU") agreeing to the termination of the Sale and Purchase Agreement, with effect from today due to the issue of time frame for the share transaction. Under the MOU, all parties have agreed to terminate the Sale and Purchase Agreement that was signed on 14 Jan 2016 without any pursuit of compensation or damages.

UniVision Engineering Limited	Tel: [phone]
Stephen Koo, Chairman Chun Pan Wong, Chief Executive Officer Danny Kwok Fai Yip, Finance Director	www.uvel.com
Nicholas Lyth, Non-Executive Director	[phone]
ZAI Corporate Finance Limited (Nominated Adviser and Broker)	Tel: [phone]
Dugald J. Carlean /Tim Cofman /Songdi Lin	www.zaicf.com

 

END

 

 

STRBDGDCIGGBGLU