Last checked at 11 Jul 2011 07:00
11 July 2011
UniVision Engineering Limited
("UniVision" or the "Company")
Director's Dealing
The Board of UniVision announces that on 8 July 2011, Mayne Management Limited (''Mayne'') entered into a share purchase agreement with Up Sky Investments Limited (''Up Sky'') for the sale of the entire share capital of Univision Holdings Limited (''UHL'') to Up Sky for a cash consideration of HK$4.0 million (equivalent to approximately £320,233*) (the ''Share Transaction''). UHL is an investment holding company wholly owned by Mayne prior to the Share Transaction. Up Sky is an investment company wholly owned by Stephen Koo (Executive Chairman of Univision).
Stephen Koo and Mayne have also entered into a deed of guarantee whereby Stephen Koo has provided a personal guarantee to Mayne of up to HK$4.0 million in relation to Up Sky's obligations under the share purchase agreement.
As part of the arrangements in relation to the Share Transaction, Stephen Koo and Mayne have entered into a deed of guarantee whereby Stephen Koo has provided a personal guarantee to Mayne over up to US$5.0 million of the outstanding principal and accrued interest under Mayne's loan facility with UniVision. Further details in relation to this loan were originally announced on 8 January 2008 and the term of the loan facility was extended to 31 March 2012, as announced by the Company on 17 February 2011.
The interests of UHL and Up Sky in the share capital of Univision following the Share Transaction remains unchanged as follows:
Number of Ordinary Shares | % of total issued share capital | |
Univision Holdings Limited | 183,736,000 | 47.9% |
Up Sky Investments Limited | 78,744,000 | 20.5% |
Following the Share Transaction, UHL is now wholly owned by Up Sky, a company that is wholly owned by Stephen Koo, Executive Chairman of Univision. Stephen Koo is also interested in 9,623,700 ordinary shares in UniVision and therefore following the Share Transaction he will have a total direct and indirect interest in 272,103,700 ordinary shares in the Company, equivalent to 70.9% of the Company's total issued share capital.
For further information visit www.uvel.com or contact:
UniVision Engineering Limited | +852 2389 3256 |
Stephen Koo, Chairman | |
Chun Hung Wong, CEO | |
Allenby Capital Limited (Nominated Adviser/Broker) | +44 (0) 203 328 5656 |
Nick Athanas/James Reeve |
*Based on the prevailing exchange rate of 1HKD = 0.0800583 GBP as at 8 July 2011