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"). 
 
                                                                   3 April 2020 
 
                             WALCOM GROUP LIMITED 
                          ("Walcom" or "the Company") 
 
                  Company update and further re director loan 
 
Further to the announcement on 27 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 made a partial repayment of a bank loan at the end of March 2020. 
However, the Company is required to make two further bank loan repayments 
totalling RMB450k by the end of April 2020.  The Company currently has 
insufficient funds to make these repayments. 
 
In addition and irrespective of these bank loan repayments, in the absence of 
the Director Loan now being received in part or in full by 10 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

April 03, 2020 03:27 ET (07:27 GMT)

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