Walcom Group Ltd Company Update

Fecha : 15/05/2020 @ 09:11
Fuente : UK Regulatory (RNS & others)
Emisora : Walcom Group Limited (WALG)
Cotización : 0.2025  0.0 (0.00%) @ 19:00
Walcom Cotización de acciones Gráfica

Walcom Group Ltd Company Update

 
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"). 
 
                                                                    15 May 2020 
 
                             WALCOM GROUP LIMITED 
                          ("Walcom" or "the Company") 
 
                                Company update 
 
Further to the announcement on 11 May 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. 
 
As previously announced, the Company has sought to defer the repayment of 
certain of its bank loans and one such deferred loan repayment of RMB200k is 
due to be paid by the Company by the end of May 2020. The Company will require 
additional funding to repay this bank loan. 
 
Based on Walcom's current cash flow projections, the Company will be able to 
continue operations until 25 May 2020. In the absence of the Director Loan now 
being received in part or in full by 25 May 2020, 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

May 15, 2020 10:11 ET (14:11 GMT)

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