Walcom Group Ltd Company Update
26 Mayo 2020 - 1:33AM
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").
26 May 2020
WALCOM GROUP LIMITED
("Walcom" or "the Company")
Company update
Further to the announcement on 15 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 the Company
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, a 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 29 May 2020.
In the absence of the Director Loan now being received in part or in full by 29
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
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May 26, 2020 02:33 ET (06:33 GMT)
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