UVEN Uvenco Uk

TIDMUVEN

RNS Number : 0711N

Uvenco UK plc

03 August 2017

3 August 2017

Uvenco UK PLC ("the Company")

Historical related party transaction

Further to the Company's notification of 28 October 2016 in relation to certain historical supply contracts with Unicum Limited ("Unicum"), the Company notifies that, on 19 January 2016 and 10 October 2016, it concluded supply contracts with Unicum for the provision of vending machines and constituent parts to the Company. A summary of the supply contracts with Unicum prior to 28 October 2016 is set out below (together, the "Orders"):

   Date of order invoice     Value of order 
   5 May 2015                          GBP78,408 
   11 June 2015                       GBP77,625 
   1 September 2015             GBP76,368 
   19 January 2016                 GBP67,118 
   10 October 2016                GBP89,238 

Unicum is a related party of the Company. Unicum is controlled by Boris Belotserkovsky, a non-executive director of the Company and a member of the Belotserkovsky concert party. In addition, Sergei Kornienko, Chief Executive of the Company, is a non-executive director of Unicum.

At the time of the Orders, Unicum was a related party of the Company, as described above and the Orders were therefore transactions with a related party. The Orders were entered into on an arm's length basis and on standard commercial terms, in line with the relationship agreement between the Company and Boris Belotserkovsky entered into on 10 October 2014. Save as disclosed on 28 October 2016, 'fair and reasonable' statements under AIM Rule 13 were not made at the relevant time.

The independent directors of the Company (being the directors, with the exception of Boris Belotserkovsky and Sergei Kornienko), consider that the terms of each Order were fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:

   Uvenco UK plc                                                       Tel No. 020 8879 8300 

Sergei Kornienko

Peter Goodman

   Stockdale Securities                                           Tel No. 020 7601 6100 

Tom Griffiths

Richard Johnson

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEALPDEAKXEFF

(END) Dow Jones Newswires

August 03, 2017 10:27 ET (14:27 GMT)

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