Walcom Group Ltd Company Update
05 Junio 2020 - 9:08AM
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").
5 June 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.
Further to the announcement on 2 June 2020, the Company has negotiated a
payment plan with its bank in relation to a loan which was due for repayment at
the end of May 2020. Under the new payment scheme, the Company
will repay RMB150,000 by 12 June 2020, with a further six monthly instalments
of RMB50,000 being payable commencing in July 2020.
The Company will require additional funding to satisfy the loan repayment due
on 12 June 2020. Therefore, based on Walcom's current cash flow projections,
the Company will be able to continue operations until 12 June 2020. In the
absence of the Director Loan now being received in part or in full by this
date, 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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June 05, 2020 10:08 ET (14:08 GMT)
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