WALG Walcom Group Limited

 
TIDMWALG 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
                          (EU) No. 596/2014 ("MAR"). 
 
                                                               14 February 2020 
 
                             WALCOM GROUP LIMITED 
                          ("Walcom" or "the Company") 
 
                                Company Update 
 
The Board of Walcom provides an update on its working capital position. 
 
As previously announced, Mr Chi, Chief Executive Officer of the Company, has 
indicated that he intends to provide a loan of HK$1,230,000 to Walcom 
Bio-Chemicals Industrial Limited, Walcom's wholly owned subsidiary. Mr Chi has 
confirmed to the Company that it is still his intention to provide the loan in 
full, but that arranging the funding has taken longer than he anticipated.  It 
is his intention to provide the loan during the week commencing 17 February 
2020. 
 
At present and in the absence of the loan from Mr Chi, the Company currently 
has adequate working capital to meet its liabilities as they fall due until 
[Friday 21 February 2020].  The Company is taking what action it can to extend 
this period, including discussing more favourable trade terms with its 
customers and suppliers.  However, whilst the Company is hopeful that it will 
secure the necessary funding from Mr Chi, in the event that it is unable to 
address the working capital shortfall, it is likely that the Company will be 
unable to continue its operations and may be forced into liquidation with a 
consequential diminution in value to shareholders. 
 
Further announcements will be made in due course. 
 
Further enquiries: 
 
Walcom Group Limited                                           +852 2494 0133 
Francis Chi (Chief Executive Officer/Chief Financial 
Officer) 
Jessie Chan (Deputy Chief Financial Officer) 
 
Allenby Capital Limited (Nominated Adviser and broker)       +44 20 3328 5656 
David Hart / Asha Chotai 
 
 
 
END 
 

(END) Dow Jones Newswires

February 14, 2020 06:09 ET (11:09 GMT)

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