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").
5 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 2 June 2020, the
Company has negotiated a payment plan with its
bank in relation to a loan which was due for repayment at
the end of May 2020. Under the new
payment scheme, the Company will repay RMB150,000 by
12 June 2020, with a further six
monthly instalments of RMB50,000
being payable commencing in July
2020.
The Company will require additional funding
to satisfy the loan repayment due on 12 June 2020. Therefore, based
on Walcom’s current cash flow projections, the Company
will be able to continue operations until 12 June 2020.
In the absence of the Director Loan now being received in part or
in full by this date, 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 |