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
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 |