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
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 |