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").
2 June
2020
WALCOM GROUP LIMITED
(“Walcom” or “the Company”)
Company update
The Board of Walcom provides an update on the Company’s current
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 the Company 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.
Further to the announcement on 29 May
2020, the Company has been able to further defer its loan
repayment of RMB200k to 5 June 2020. The Company will require additional
funding to repay this bank loan. Therefore, based on Walcom’s
current cash flow projections, the Company will be able to continue
operations until 5 June 2020. In the
absence of the Director Loan now being received in part or in full
by 5 June 2020, 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 |