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

UniVision EngineeringAnnouncement

27/09/2023 12:00

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RNS Number : 8652N  UniVision Engineering Ltd  27 September 2023

27 September 2023

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 2023
and publication of its Annual Report and Accounts for the same period.

The Company, together with its auditors, need further time to assess the
up-to-date position with regard previously announced legal disputes including
the winding-up petitions brought against the Company announced on 28 July, 29
August and 14 September 2023.  These petitions are being opposed by the
Company and it remains in negotiations with all parties. The first of these
petitions was due to be heard in the High Court in Hong Kong today, 27
September 2023, but was adjourned until 11 October 2023.

In addition, no agreed position has yet been reached with MTR Corporation Ltd
("MTRC") in respect of the termination, by MTRC, of its long-term contract
with the Company in June 2022; negotiations continue in respect of an agreed
settlement and further announcements will be made as appropriate.

As previously announced, the Company remains in extended 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 still to be agreed and so there can be 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 29
September 2023 in accordance with AIM Rule 19, trading in the Company's
ordinary shares on AIM will be suspended from 7.30am on Monday 2 October 2023.

The Company aims to complete its audit and publish its annual report as soon
as possible, after which trading in the Company's ordinary shares is expected
to recommence.

Notwithstanding the temporary suspension of trading in the Company's ordinary
shares, the Company will continue to make announcements as and when there are
developments that requirement announcement in accordance with its obligations
under the AIM Rules for Companies.

Further updates will be made in due course.

~ ENDS ~

 

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

 

 UniVision Engineering Limited                                                                                            Tel: +852 2389 3256
 Stephen Koo, Executive                                                                                                   www.uvel.com (http://www.uvel.com)
 Chairman
 Peter Yip Tak Chan, Chief Executive Officer

 SPARK Advisory Partners                                                                                                  Tel: +44 (0)20 3368 3550
 Limited

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

 SI Capital Limited                                                                                                       Tel:  +44 (0)1483 413500

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

Nick Emerson

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