UniVision Engineering Shares Fall as Fiscal 2023 Accounts are Delayed

Shares in UniVision Engineering saw a significant decrease after the announcement that the publication of its fiscal 2023 accounts will be postponed. Consequently, the company's shares on AIM are set to be suspended from Oct. 2.

At 1105 GMT, the shares were down 0.07 pence, representing a 33% decline to 0.15 pence.

UniVision Engineering, a Hong Kong-based supplier specializing in closed-circuit television and surveillance systems, cited the need for additional time for both itself and its auditors to assess its positions regarding ongoing legal disputes, including recent winding-up petitions brought against the company since July.

Originally scheduled for Wednesday, the first of these petitions was adjourned until Oct. 11, the company reported. It emphasized its opposition to these petitions and stated that negotiations with all parties involved are currently underway.

Furthermore, UniVision Engineering mentioned that negotiations in relation to a contract termination with MTR Corporation are still in progress.

The board also disclosed that it remains engaged in extended negotiations with potential investors. Although these discussions are at an advanced stage, the company cannot provide any guarantee that an investment will materialize.

UniVision Engineering expressed its commitment to completing the audit process promptly and publishing its annual report. Following the release of this report, trading in the company's ordinary shares is expected to resume.