Walcom Group Limited Company Update (7378D)
21 Febrero 2020 - 02:48AM
UK Regulatory
TIDMWALG
RNS Number : 7378D
Walcom Group Limited
21 February 2020
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").
21 February 2020
WALCOM GROUP LIMITED
("Walcom" or "the Company")
Company Update
The Board of Walcom provides an update on the Company's working
capital position.
As previously announced, Mr Francis Chi, Chief Executive Officer
of the Company, has indicated that he intends to provide a loan of
HK$1,230,000 to Walcom Bio-Chemicals Industrial Limited, Walcom's
wholly owned subsidiary.
Whilst the Board understands that is still Mr Francis Chi's
intention to provide the loan, it has still not been received.
The Company continues to receive new customer orders which is
benefitting its working capital position. In addition, the Company
has negotiated an extension to the time for the payment of rent,
salaries and other expenses which are currently due in the very
short term such that these expenses can be partially and gradually
paid over the coming weeks. As a result, the Board now believes
that in the absence of the loan being received in part or in full
by 6 March 2020, the Company may 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)
Jessie Chan (Deputy Chief Financial Officer) +852 2494 0133
Allenby Capital Limited (Nominated Adviser and broker)
David Hart / Asha Chotai +44 20 3328 5656
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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