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1 Apr 2016 11:40
01 April 2016
UniVision Engineering Limited
("UniVision" or the "Company")
Potential claim against Mr Stephen Koo and UniVision
UniVision (AIM; UVEL), the Hong Kong based group whose principal activities are the supply, design, installation and maintenance of closed circuit television and surveillance systems, and the sale of security related products, announces that it has become aware that Nan Ning Hai Li Real Estate Development Limited ("Hai Li") has initiated legal proceedings (the "Legal Proceedings") as plaintiff (the "Plaintiff") against Mr Stephen Koo ("1st Defendant") and UniVision ("2nd Defendant").
The Plaintiff submitted a writ of summons at the High Court of the Hong Kong Special Administrative Region Court (the "Court") and the Court had issued a writ of summons on 10 March 2016. As at the date of this announcement, neither Stephen Koo nor UniVision has received any court documents in relation to the Legal Proceedings. In the Legal Proceedings, the Plaintiff claims damages in respect of breach of contract and/or duty in respect of a share transfer agreement (the "Agreement") entered into by the Plaintiff and the 1st Defendant on or about 14 December 2015 and a series of oral agreements between the Plaintiff, the 1st Defendant, and the 2nd Defendant represented by the 1st Defendant made before and after the Agreement, resulting in the Plaintiff suffering loss and/or damages therefrom. Mr Koo and UniVision are of the opinion that the claim is highly opportunistic and without merit and will actively respond to the case and defend their position vigorously.
The directors will inform shareholders of any material development in respect of this potential claim.
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 / Tim Cofman / Songdi Lin www.zaicf.com
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