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").
9 April
2020
WALCOM GROUP LIMITED
(“Walcom” or “the Company”)
Company update and
further re director loan
Further to the announcement on 3 April
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
still 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.
Based on Walcom’s current cash flow projections, the Company
will be able to continue operations until 17
April 2020 at the earliest. However, the Company is required
to make two bank loan repayments totalling RMB450k by the end of April 2020. If the Director Loan is not received,
the Company will be unable to service these loan repayments and the
Company would 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 |