5 September 2016
UniVision Engineering Limited
("UniVision" or the "Company")
Further Update Re 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, announced on 25 April 2016 that legal proceedings had been initiated by Nan Ning Hai Li Real Estate Development Limited ("Hai Li" or the "Plaintiff") against Mr. Stephen Koo ("1st Defendant") and UniVision ("2nd Defendant"). The Company further announced on 24 August 2016 that Mr Koo and Univision would be contesting the proceedings.
UniVision now announces that Mr. Stephen Koo and UniVision have today reached a settlement with the Plaintiff and have received a Notice of Discontinuance from the Plaintiff's solicitors pursuant to the Rules of the High Court with no order as to costs.
Mr. Stephen Koo and UniVision have instructed their legal counsel to give consent to the discontinuance of the action with no order as to costs. The Notice of Discontinuance is filed with the Court today. As such, filing of the Defence to the Statement of Claim is held up.
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
Dugald J.Carlean / Tim Cofman/ Songdi Lin www.zaicf.com
This information is provided by RNS