WALG Walcom Group Limited

 
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"). 
 
                                                               31 December 2019 
 
                             WALCOM GROUP LIMITED 
                          ("Walcom" or "the Company") 
 
                                Company Update 
 
                 Resignation of Deputy Chief Financial Officer 
 
Further to its announcement on 23 December 2019, the Company announces that it 
is in advanced discussions with Mr Francis Chi, Chief Executive of the Company, 
regarding the provision of a loan of HK$1 million, which is expected to be made 
available by the second week of January 2020. The Company expects a further 
loan of HK$0.5 million to be provided by Mr Francis Chi before the end of 
January 2020. On the basis that the loans are received by the Company as 
currently envisaged, the Company expects to be able to meet its liabilities as 
they fall due until the end of January 2020. 
 
Whilst the Board is hopeful that discussions with Mr Francis Chi will have a 
successful outcome, there can be no guarantee that the loans will be provided, 
and the Company's working capital position will be stabilised. In this 
instance, the Company may be unable to continue its operations and may be 
forced into liquidation with a consequential diminution in value to 
shareholders. 
 
The Company also announces that Ms Hwai Ming Chan (Jessie) has informed the 
board of Walcom that she intends to step down as Deputy Chief Financial Officer 
and Company Secretary of the Company, with effect from 29 February 2020. The 
Board would like to express its thanks to Ms Chan for her contribution to the 
Company. The Company intends to seek a replacement for Ms Chan and further 
announcements will be made in due course. 
 
Further enquiries: 
 
Walcom Group Limited                                           +852 2494 0133 
Francis Chi (Chief Executive Officer/Chief Financial 
Officer) 
Jessie Chan (Deputy Chief Financial Officer) 
 
Allenby Capital Limited (Nominated Adviser and broker)       +44 20 3328 5656 
David Hart / Asha Chotai 
 
 
 
END 
 

(END) Dow Jones Newswires

December 31, 2019 05:37 ET (10:37 GMT)

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