LONDON (Alliance News) - UniVision Engineering Ltd said Friday it has become aware that Nan Ning Hai Li Real Estate Development Ltd has initiated legal proceedings against UniVision Chairman Stephen Koo and Univision, after a sale and purchase agreement did not complete.
UniVision, a Hong Kong-based CCTV and surveillance systems company, said Nan Ning is claiming damages in respect of breach of contract and or duty in respect of a share transfer agreement entered into by Nan Ning and Koo on December 14, and a series of oral agreements between Nan Ning, Koo and UniVision, which was represented by Koo, made before and after the agreement.
UniVision said in December it had signed a sale and purchase agreement with Nan Ning to sell 41% of UniVision, but, earlier this year, UniVision said the agreement expired on January 14 without being completed.
UniVision said Nan Ning is claiming it suffered loss and or damages from this breach.
"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," UniVision said.
UniVision added neither it nor Koo have received any court documents in relation to the legal proceedings.
Shares in UniVision were down 27% at 0.510 pence on Friday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Univision (UVEL)