REG - UniVision Eng Ltd - Publication of Annual Report and Accounts Delayed

UniVision EngineeringAnnouncement

29/09/2022 11:30

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RNS Number : 1852B  UniVision Engineering Ltd  29 September 2022

29 September 2022

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 2022
and publication of its Annual Report and Accounts for the same period.

The Company, together with its auditors, need further time to assess the
effects of the termination of its long-term major contract with MTR
Corporation Ltd ("MTRC"), which was announced by the Company in June 2022,
together with the up-to-date position with regard previously announced legal
disputes including the winding-up petition and counter claims first announced
on 4 January 2022, and now due to be heard by the court on 18 October 2022.
Whilst the termination of the MTRC contract occurred after the year end, the
certification of work completed, invoicing and approval for work completed
prior to the year end, which would normally take some months to finalise in
the normal course of events,  is taking longer given the termination of the
contract and the need for both parties to agree a final position.  Whilst
there is currently no agreed position, the Directors believe that the results
of this review may result in significant provisions affecting both revenue and
contract debtors.

In addition, the Company announces that it is in 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 not
yet agreed and so there is 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 30
September 2022 in accordance with AIM Rule 19, trading in the Company's
ordinary shares on AIM will be suspended from 7.30am on Monday 3 October 2022.

The Company aims to complete its audit and publish its annual report within a
matter of weeks of this announcement, post which trading in the Company's
ordinary shares is expected to recommence.

Further updates will be made in due course.

 

For further information visit www.uvel.com (http://www.uvel.com) or contact:

 

 UniVision Engineering Limited                                                                                            Tel: +852 2389 3256
 Stephen Koo,                                                                                                             www.uvel.com (http://www.uvel.com)
 Chairman
 Danny Kwok Fai Yip, Finance Director

 SPARK Advisory Partners                                                                                                  Tel: +44 (0)20 3368 3551
 Limited

 (Nominated
 Adviser)
 Mark Brady / Neil Baldwin                                                                                                www. (http://www.sparkadvisorypartners.com) sparkadvisorypartners.com
                                                                                                                          (http://www.sparkadvisorypartners.com)

 SI Capital Limited (Broker)

                                                                                                                          Tel:  +44 (0)1483 413500

                                                                                                                          www.sicapital.co.uk (http://www.sicapital.co.uk)

Nick Emerson

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