16 January 2012
UniVision Engineering L imited("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
syste ms, is pleased to announce that on 11 January 2012 it
signed an agreement with the former holding company of
Univision Holdings Ltd (a major shareholder in the Group) ,
Mayne Management L imited ("Mayne"), whereby Mayne has agreed
to extend the term of its current loan facility of US$3.97
million with UniVision for a further one year to 31 March
2013 (the "Supplementary Agreement V").
The original loan agreement, announced on 8 January 2008,
provided for a repayment date of 30 September 2008. Four
supplementary agreements were subsequently entered into by
the Group on 22 September 2008, 21 January 2009 , 25 January
2010 and 8 February 2011 which extended the term of the loan
to 31 March 2012. 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 A greement V.
The terms in the event of default remain as in the original
agreement and the further supplementary agreement s, namely
that Mayne can c all for possession of a maximum
40% interest in the Project or exchange for a convertible
bond with a conversion price at
4 pence per ordinary share of UniVision.
The extension of the loan facility with Mayne constitutes a
related party transaction for the purposes of rule 13 of the
AIM Rules for Companies. The d irectors of the Company, with
the exclusion of Stephen Koo (Chairman of UniVision) ,
consider, having consulted with the Company's nominated
adviser, Allenby Capital Limited, that the terms of the
transaction are fair and reasonable insofar as its
shareholders are concerned .
Stephen Koo, Chairman of UniVision, commented: " Mayne remain
very supportive of our efforts to realise shareholder value
in the Zhongshan shopping mall and we are pleased to have
been able to conclude this agreement with them. We are
actively working on a number of strategies to unlock the
value we believe exists in the shopping mall. This extended
loan agreement provides a timescale that should ensure we are
not time - pressured into entering into a sub -optimal
transaction and that the Board of UniVision maximise value
for shareholders on any disposal of our interest in the
Zhongshan shopping mall."
-ends-
For further information visit www.uvel.comor
contact:
UniVision Engineering Limited +852 2389 3256
Stephen Koo, Chairman
Chun Hung Wong, CEO
Nicholas Lyth, Non-Executive Director +44 (0) 7769 906
686
Allenby Capital Limited (Nominated Adviser/ Broker)
Nick Athanas/James Reeve +44 (0) 203 328 5656
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.
distribué par | Ce noodl a été diffusé par UniVision Engineering Ltd. et initialement mise en ligne sur le site http://www.uvel.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-16 08:56:31 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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Extension of Loan Terms |