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”)

Company update

The Board of Walcom provides an update on the Company’s current 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, 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 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

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