Sign In
3 Aug 2017 15:27
3 August 2017
Uvenco UK PLC ("the Company")
Historical related party transaction
Further to the Company's notification of 28 October 2016 in relation to certain historical supply contracts with Unicum Limited ("Unicum"), the Company notifies that, on 19 January 2016 and 10 October 2016, it concluded supply contracts with Unicum for the provision of vending machines and constituent parts to the Company. A summary of the supply contracts with Unicum prior to 28 October 2016 is set out below (together, the "Orders"):
Date of order invoice Value of order
5 May 2015 £78,408
11 June 2015 £77,625
1 September 2015 £76,368
19 January 2016 £67,118
10 October 2016 £89,238
Unicum is a related party of the Company. Unicum is controlled by Boris Belotserkovsky, a non-executive director of the Company and a member of the Belotserkovsky concert party. In addition, Sergei Kornienko, Chief Executive of the Company, is a non-executive director of Unicum.
At the time of the Orders, Unicum was a related party of the Company, as described above and the Orders were therefore transactions with a related party. The Orders were entered into on an arm's length basis and on standard commercial terms, in line with the relationship agreement between the Company and Boris Belotserkovsky entered into on 10 October 2014. Save as disclosed on 28 October 2016, 'fair and reasonable' statements under AIM Rule 13 were not made at the relevant time.
The independent directors of the Company (being the directors, with the exception of Boris Belotserkovsky and Sergei Kornienko), consider that the terms of each Order were fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Uvenco UK plc Tel No. 020 8879 8300
Sergei Kornienko
Peter Goodman
Stockdale Securities Tel No. 020 7601 6100
Tom Griffiths
Richard Johnson
Follow the stocks
