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"). 
 
                                                                  16 April 2020 
 
                             WALCOM GROUP LIMITED 
                          ("Walcom" or "the Company") 
 
                  Company update and further re director loan 
 
Further to the announcement on 9 April 2020, the Board of Walcom provides an 
update on the Company's working capital position. 
 
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, again, reiterated his intention to provide the Director 
Loan but there can be no certainty as to the provision or the timing of the 
Director Loan. 
 
Based on Walcom's current cash flow projections, the Company will be able to 
continue operations until 22 April 2020. As previously announced, the Company 
is required to make two bank loan repayments totalling RMB450k, the first of 
which is due on 23 April 2020.. If the Director Loan is not received prior to 
23 April 2020, the Company will be unable to service the 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                                           +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 16, 2020 08:32 ET (12:32 GMT)

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