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").
29 May 2020
WALCOM GROUP LIMITED
("Walcom" or "the Company")
The Board of Walcom provides an update on the Company's current working capital
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, the Company has been taking steps to conserve its cash
resources, including the deferral of certain expenses. To this end, the Company
has been able to defer a loan repayment of RMB200k, previously due to be paid
at the end of May 2020, to 3 June 2020. The Company will require additional
funding to repay this bank loan. Therefore, based on Walcom's current cash flow
projections, the Company will be able to continue operations until 3 June 2020.
In the absence of the Director Loan now being received in part or in full by 3
June 2020, the Company would be unable to continue its operations and would be
forced into liquidation with a consequential diminution in value to
Further announcements will be made in due course.
Walcom Group Limited +852 2494 0133
Francis Chi (Chief Executive Officer/Chief Financial
Allenby Capital Limited (Nominated Adviser and Broker) +44 20 3328 5656
David Hart / Asha Chotai
(END) Dow Jones Newswires
May 29, 2020 02:00 ET (06:00 GMT)