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LONDON (Alliance News) - Digital surveillance firm Univision Engineering Ltd Thursday said it will no longer have to repay a loan it had with Mayne Management Ltd after a signing a deal whereby Mayne waives all rights to repayment of any and all capital and interest payment under the agreement.
Univision, whose Chief Executive resigned last month for personal reasons owed USD3.9 million to Mayne. This loan was interest bearing but Mayne already waived their rights to interest on the capital sum.
The agreement to cancel the loan was entered into by both parties in recognition of the efforts of Univision Executive Chairman, Stephen Koo, to further develop Univision, the firm said.
Koo was, from 2001 to 2011, an employee of Mayne and later employed by Mayne as director of Univision when it was under the control of Mayne.
Whilst Mayne retains no interest in Univision, its historic involvement in the company, along with its personal relationship with Koo, has led it to be willing to enter into this agreement.
Univision said there will be no taxation impact on the company as a result of entering into this agreement.
The stock was trading at 0.830 pence Thursday morning, up 0.230 pence or 38.33%, making it the biggest gainer on AIM.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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