Walcom Group Ltd Company Update
27 Marzo 2020 - 2:32AM
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").
27 March 2020
WALCOM GROUP LIMITED
("Walcom" or "the Company")
Company update and further re director loan
Further to the announcement on 18 March 2020, the Board of Walcom provides an
update on the Company's working capital position. Regrettably, Mr Francis Chi,
Chief Executive of the Company, has been unable to provide the proposed loan of
HK$1,230,000 (the "Director Loan") to Walcom Bio-Chemicals Industrial Limited,
Walcom's wholly owned subsidiary, as intended. Mr Chi has reiterated his
intention to provide the Director Loan.
The Company continues to receive and process customer orders. In addition, the
management have sought to defer expenses, where possible, without affecting the
normal operations of the Company.
The Company is due to make a partial repayment of a bank loan, amounting to
RMB150k, by the end of March 2020. Whilst the Company has sufficient funds to
make this repayment, the management are in discussions with the bank to seek to
reduce the quantum to be repaid.
Irrespective of the outcome of these discussions, in the absence of the
Director Loan being received in part or in full by 3 April 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 +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
(END) Dow Jones Newswires
March 27, 2020 04:32 ET (08:32 GMT)
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