REG - UniVision Eng Ltd - Update on proposed PDMR Dealing

UniVision EngineeringAnnouncement

07/06/2021 15:10

RNS Number : 0712B
  
UniVision Engineering Ltd
  
07 June 2021
  
 

RNS ANNOUNCEMENT: 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.
 
7 June 2021
UniVision Engineering Limited
("UniVision", the "Company" or the "Group")
Update on proposed PDMR Dealing 
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, further to the Company's announcement on 4 March 2021, it has been informed by its Chairman, Stephen Koo, that his non-binding Memorandum of Understanding ("MOU") with SinoCloud Group Limited, an investment holding company listed on the Catalist Board of the Singapore Stock Exchange ("SinoCloud"), to sell SinoCloud 200,959,700 of his ordinary shareholding in UniVision (representing approximately 52.4% of the issued share capital of the Company) (the "Proposed Transaction") has lapsed and his proposed sale of these shares to SinoCloud will not now proceed. 
The Proposed Transaction had been subject to a number of pre-conditions.  The parties have held various discussions since the signing of the MOU, but these discussions did not produce a definitive agreement within the three month exclusivity period contained in the MOU. As no definitive agreement has been entered into and there is no intention to extend the exclusivity period, the MOU has accordingly lapsed. 
SinoCloud has also made a regulatory announcement to the Singapore Stock Exchange regarding the lapsing of the MOU today.
For further information visit www.uvel.com or contact:
 



UniVision Engineering Limited


Tel: +852 2389 3256




Stephen Koo, Chairman                                                        


www.uvel.com




Danny Kwok Fai Yip, Finance Director








Nicholas Lyth, Non-Executive Director


Tel: +44 (0)7769 906686




SPARK Advisory Partners Limited                                        
(Nominated Adviser)


Tel: +44 (0)20 3368 3551   




Mark Brady / Neil Baldwin


www.sparkadvisorypartners.com














SI Capital Limited 
(Broker)


Tel:  +44 (0)1483 413500
www.sicapital.co.uk



 Nick Emerson

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