REG - UniVision Eng Ltd - Update re: Demerger of Leader Smart Engineering <Origin Href="QuoteRef">UVEL.L</Origin>

UniVision EngineeringAnnouncement

31/03/2015 13:00

RNS Number : 0121J
UniVision Engineering Ltd
31 March 2015
31 March 2015 
 UniVision Engineering Limited 
("UniVision", the "Company" or the "Group"))
 Update on the Proposed Demerger of Leader Smart Engineering Limited (Leader Smart)
UniVision, the AIM quoted, Hong Kong baseddesigner and installer of digital surveillance and integrated security systems announces that the Board of Directors of the Company has today approved the demerger the Group's Electrical and Mechanical ("E&M") and property division from its core security and surveillance business (the "Proposed Demerger").
Following the announcement regarding the Proposed Demerger on 2nd December, 2014, the Group has set up a BVI incorporated company as the new holding company for Leader Smart, Leader Smart Holdings Limited which is wholly-owned by the UniVision. To restructure the Group, a Sales and Purchase Agreement (the "Transfer Agreement") for all issued shares in Leader Smart Engineering Limited has been made between UniVision and Leader Smart Holdings Limited. The Board approved all the terms of the Transfer Agreement on 31st March, 2015. 
The demerger will be effected by the way through an 'in-specie' distribution of shares to Univision's shareholders. To facilitate the distribution, Leader Smart Holdings Limited will issue and allot new shares up to the appropriate number of shares that each qualifying shareholder who holds one share of UniVision will be entitled to receive one share of Leader Smart Holdings Limited. 
The Company is in process of getting all necessary regulatory and tax clearances, and so there can be no certainty that the Proposed Demerger will go ahead. 
Should all regulatory and tax clearances be obtained further details of the management, strategy and off-market dealing facilities in Leader Smart Holdings Limited's shares will be announced to the shareholders. 
For further information visit www.uvel.com or contact:
UniVision Engineering Limited Tel: +852 2389 3256
Stephen Koo, Chairman www.uvel.com 
Chun Pan Wong, Chief Executive Officer
Danny Kwok Fai Yip, Finance Director
Nicholas Lyth, Non-Executive Director  +44 (0) 7769 906686
ZAI Corporate Finance Limited 
(Nominated Adviser and Broker) Tel: +44 (0)2070602220
Richard Morrison  www.zaicf.com 

This information is provided by RNS
The company news service from the London Stock Exchange
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