Last checked at 29 Apr 2015 12:30
29 April 2015
UniVision Engineering Limited
("UniVision", the "Company" or the "Group")
Further update on the Proposed Demerger of Leader Smart Engineering Limited (Leader Smart)
UniVision, the AIM quoted, Hong Kong based designer and installer of digital surveillance and integrated security systems announces that the Board of Directors of the Company has today proposed to distribute a special dividend in the form of a distribution in specie regarding the shares in Leader Smart Holdings Limited, the new holding company incorporated in BVI for Leader Smart (Leader Smart Engineering Limited).
Reference is made to the announcement regarding the Proposed Demerger on 31 March 2015, the Board has approved the terms of the Transfer Agreement and transferred all its shares in Leader Smart to Leader Smart Holdings Limited which is wholly-owned by UniVision.
As announced, the proposed demerger will be effected by the way through an 'in-specie' distribution of shares to Univision's shareholders. Leader Smart Holdings Limited will allot the new shares up to the appropriate number of shares to facilitate the distribution. Under the distribution, each qualifying shareholder who holds one share of UniVision as at the close of business on 8 May 2015 will be entitled to receive one share of Leader Smart Holdings Limited.
The Directors propose to distribute the shares of Leader Smart Holdings Limited under the dividend timetable as follows:- Ex date: 07 May 2015 Record date : 08 May 2015Delivery date: 29 May 2015
The Board believes that the distribution is in the best interests of shareholders as it will enable Leader Smart Holdings Limited to attract new investment as an independent entity as well as operate a more active property management strategy. Mr Stephen Koo is currently the sole director of Leader Smart Holdings Limited and Mr Peter Yip Tak Chan shall be appointed to the board shortly. It is the intention that the property assets of Leader Smart Holdings shall be sold with a return of capital to shareholders or list on appropriate stock exchange.
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)20 7060 2220
Richard Morrison www.zaicf.com