Last checked at 20 Jan 2014 12:26
20 January 2014
UniVision Engineering Limited
("UniVision" or the "Group)
Extension of loan terms with Mayne Management Limited
UniVision, the AIM listed Hong Kong based designer and installer of digital surveillance and integrated security systems, is pleased to announce that on 17 January 2014 it signed an agreement with Mayne Management Limited ("Mayne") whereby Mayne has agreed to extend the term of its current loan facility of US$3.95 million (the "Loan Agreement") to 31 March 2015 (the "Supplementary Agreement VII").
The original loan agreement, announced on 8 January 2008, provided for the repayment of the loan by 30 September 2008. Six supplementary agreements were subsequently entered into by the Group on 22 September 2008, 21 January 2009, 25 January 2010, 8 February 2011, 11January, 2012 and 23 January, 2013 which extended the term of the loan to 31 March 2014. The loan was made exclusively to finance a shopping mall project in Zhongshan, China,being developed by the Group's wholly-owned Chinese subsidiary, Leader Smart Engineering (Shanghai) Limited (the "Project").
The terms of the supplementary agreements provide that Mayne will not exercise the right to exchange the total or any part of the loan amount to a convertible bond of the Group during the term of the Supplementary Agreement VII however Mayne reserves the right to add, vary or modify the terms and conditions of the Loan Agreement at any time. The loan remains interest free.
The terms in the event of default remain as in the Loan Agreement and the further supplementary agreements, namely that Mayne can convert the loan into a maximum 40% interest in the Project or exchange the loan for a convertible bond with a conversion price at 4 pence per ordinary share of UniVision.
Stephen Koo, Chairman of UniVision, commented: "Mayne remain supportive of our efforts to realise shareholder value in the Zhongshan shopping mall project. This extension to the Loan Agreement provides a timescale for the Board of UniVision to maximise value for shareholders on the disposal of our interest in the Project in pending the result of arbitration."
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For further information visit www.uvel.com or contact:
Univision Engineering Limited | +852 2389 3256 |
Stephen Koo, Chairman | |
Chun Pan Wong, CEO Nicholas Lyth, Non-Executive Director
|
+44 (0) 7769 906 686 |
Zeus Capital Limited (Nominated Adviser and Broker) | |
Tim Metcalfe John Depasquale | +44 (0) 207 533 7727 +44 (0) 207 533 7727 |
Notes to Editors:
About UniVision Engineering
UniVision was incorporated in Hong Kong in 1979 and is now established in Hong Kong, Macau and China. The Group designs, sources and sells its own brand-name products and OEM products including, Microprocessor CCTV Control Systems, Video Distribution Amplifiers, Fibre Optic Transmission Systems and Smart Card Access Systems.
UniVision currently offers hybrid security systems and has a portfolio of cutting edge digital technology used by its blue chip client base and the Hong Kong Government. UniVision is included in the Hong Kong Government's list of "Approved Suppliers and Installation of Video Electronics Equipment".
To date the Group has completed high profile projects for clients including Hong Kong International Airport, Tsing Ma Bridge Crossing, Mass Transit Railway, Shanghai Plaza 66 and Sydney CityRail Network selling its products through its distribution channels in China, Taiwan and other Asian countries.
The Group listed on AIM, part of the London Stock Exchange, in December 2005.