Walcom Group Ltd Company update and further re director loan
16 Abril 2020 - 7:32AM
UK Regulatory
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").
16 April 2020
WALCOM GROUP LIMITED
("Walcom" or "the Company")
Company update and further re director loan
Further to the announcement on 9 April 2020, the Board of Walcom provides an
update on the Company's working capital position.
Mr Francis Chi, Chief Executive of the Company, has still been unable to
provide the proposed loan of HK$1,230,000 (the "Director Loan") to Walcom
Bio-Chemicals Industrial Limited, Walcom's wholly owned subsidiary, as
intended. Mr Chi has, again, reiterated his intention to provide the Director
Loan but there can be no certainty as to the provision or the timing of the
Director Loan.
Based on Walcom's current cash flow projections, the Company will be able to
continue operations until 22 April 2020. As previously announced, the Company
is required to make two bank loan repayments totalling RMB450k, the first of
which is due on 23 April 2020.. If the Director Loan is not received prior to
23 April 2020, the Company will be unable to service the loan repayments and
the Company would be unable to continue its operations and would 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)
Allenby Capital Limited (Nominated Adviser and broker) +44 20 3328 5656
David Hart / Asha Chotai
END
(END) Dow Jones Newswires
April 16, 2020 08:32 ET (12:32 GMT)
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