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
Francis Chi (Chief Executive Officer/Chief Financial Officer)
Jessie Chan (Deputy Chief Financial Officer) |
+852 2494 0133 |
Allenby Capital Limited (Nominated Adviser and
broker)
David Hart / Asha Chotai |
+44 20 3328 5656 |