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 |