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
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 |