The following amendments have been made to the 'Company Update'
released on 14 February 2020 at
The square brackets within the third paragraph have been removed
to ‘Mr Chi’ have been changed to ‘Mr Francis Chi’.
All other details remain unchanged.
The full amended text is shown below.
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").
WALCOM GROUP LIMITED
(“Walcom” or “the Company”)
The Board of Walcom provides an update on its working capital
As previously announced, Mr Francis
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 Francis 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 Francis 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 Francis 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
Further announcements will be made in due course.
|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
David Hart / Asha Chotai
|+44 20 3328 5656