TIDMUVEL

RNS Number : 3514X

UniVision Engineering Ltd

04 January 2022

RNS ANNOUNCEMENT:

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 (as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

For immediate release: 4 January 2022

UniVision Engineering Limited

("UniVision", the "Company" or the "Group")

Response re Winding up petition

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 has received a petition that has been brought by one of its sub-contractors, namely, T&P Solutions Limited ("T&P"), formerly known as T&P Construction Company Limited, in the High Court in Hong Kong; alleging outstanding debts owed by the Company of HK$5,955,760 (approximately GBP565,280) in relation to contractual agreements between the Company and T&P. T&P has presented the petition ("the Petition") for the Company to be wound up pursuant to Section 117(1)(d) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32) in Hong Kong. The date of the Court hearing has been set for 2 March 2022.

The Company intends to defend and oppose the Petition. The Company has separately been advised that it has a cross claim against T&P, inter alia, for breach of contract and non-performance and it intends to claim damages for the same.

The Board is satisfied that the Company is prepared to meet the Petition should this be necessary.

The Company also believes that T&P is in breach of contractual agreements in the manner in which it has brought this petition and will be taking separate appropriate action in this regard.

Further announcements will be made if and when appropriate.

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         Tel: +44 (0)20 3368 3551 
  (Nominated Adviser) 
 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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January 04, 2022 05:05 ET (10:05 GMT)

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