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"). 
 
                                                                  30 April 2020 
 
                             WALCOM GROUP LIMITED 
                          ("Walcom" or "the Company") 
 
                                Company update 
 
Further to the announcement on 22 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. 
 
The Company has generated sufficient funds from its trading activities to 
enable it to repay RMB400k of bank loans due on 30 April 2020. The repayment of 
a further RMB50k of bank loans has been deferred. Based on Walcom's current 
cash flow projections, the Company will be able to continue operations until 10 
May 2020.  If the Director Loan is not received prior to 10 May 2020, the 
Company will be unable to service the outstanding loan repayment 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 30, 2020 05:58 ET (09:58 GMT)

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