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

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